Alaska Division of Investments is inviting applications for an expanded program of low-interest loans to help commercial fish harvesters switch out old, inefficient boat engines for new, fuel-saving models. Rep. Bryce Edgmon, D-Dillingham, has sponsored the program through House bill 20. This allow vessel owners to apply without first being refused a loan by a commercial bank.
Edgmon said that a loan made under Section A of the Commercial Fishing Revolving Loan Fund can be for up to $300,000, as opposed to the $100,000 limit under the more restrictive Section B program. The eligibility is that the applicants must have at least two years Alaska residency and a crewmember license for any two of the past five years and have participated in an Alaska commercial fishery during that period.
Loans terms are 2 percent below the prime lending rate. Loans can be made for both propulsion engines and generator sets, and loan amounts can include installation costs.
