CSSB 67(L&C) Summary

• Creates the Commercial Charter Fisheries Revolving Loan Fund in the Department of Commerce, Community, and Economic Development to provide loans for charter halibut permits, vessels, and gear upgrades to Alaska residents.

• Establishes the Mariculture Revolving Loan Fund for planning, construction, and operation of mariculture businesses, with loans up to $100,000 per year and a maximum total of $300,000 per borrower.

• Limits Commercial Charter Fisheries loans to $100,000 per loan with 15-year terms at interest rates between 3% and 10.5% annually, with reduced rates for fuel efficiency improvements.

• Requires applicants for both programs to be Alaska residents for 24 consecutive months prior to application and unable to obtain full financing from commercial lenders.

• Mariculture borrowers receive a 6-year grace period with no required principal or interest payments, and loan proceeds can be used for vessel purchases integral to farm operations.