Fisheries Finance Program Requirements - Information Collection Notice
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This notice invites public comments on the information collection requirements for NOAA's Fisheries Finance Program. It provides extended financial support for fishing and aquaculture projects. Significant applicants must be U.S. citizens with good credit and an operational history. Changes include enhanced application process efficiency.
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Key Changes
- Improved formatting and clarification of required documentation
- Streamlined signature and guarantor consent forms
- Removal of outdated attestation language and specific credit report references
Obligations
What this law requires
Applicants must submit NOAA FORM 88-1 along with supporting financial documents to determine loan eligibility.
Applicants must demonstrate that they have good credit and an earnings record, net worth, and liquidity behind the project.
Applicants' projects must be fully secured with their assets, including personal guarantees.
Applicants must provide evidence of at least a three-year history of owning or operating the fisheries project related to the loan application.
Recipients of loans must submit an annual financial statement to monitor the financial status of the loan.