SB 95 Summary

• Establishes state policy to promote mariculture and shellfish fisheries enhancement through grants and long-term, low-interest loans administered by the Department of Commerce, Community, and Economic Development.

• Creates two applicant categories: individual residents with permitted mariculture farm locations and mariculture industry experience, and state residents/entities operating hatcheries or conducting shellfish enhancement projects.

• Allocates 60% of annual fund availability for individual mariculture farm loans (up to $100,000/year, maximum $300,000 outstanding) and 40% for nonprofit hatchery and shellfish enhancement loans (up to $1,000,000/year, maximum $1,000,000 outstanding).

• Authorizes interest rates between 5-9% annually (prime rate plus 1% with caps), loan terms up to 20 years for individuals and 30 years for nonprofits, deferral periods up to 6 years for individuals and 11 years for nonprofits, and interest rate reductions of up to 2% when 50% of loan proceeds purchase state-manufactured products.

• Allows nonprofit organizations to levy voluntary assessments on shellfish permit holders to secure and repay hatchery program loans, and permits one-time planning grants to nonprofits not exceeding $100,000 each with an aggregate cap of $500,000.