State of Alaska's Update on HB273 & Commercial Fishing Loan Program Interest Rate Update

In response to the challenging economic conditions the Alaska’s seafood industry is facing, the
Alaska Legislature passed House Bill 273 on May 15, 2024. The bill made amendments to the
Commercial Fishing Revolving Loan Fund (CFRLF) that became effective August 1, 2024, and
include the following:

• The interest rate for all new loans under the Commercial Fishing Revolving Loan Fund
will be 5.25%. Interest rates are fixed for the life of the loan at the time of loan approval.
• The maximum loan amount to refinance a loan made for the original purpose of
purchasing a commercial fishing vessel or gear will be increased from $200,000 to
$400,000.
• The maximum loan amount for all loans under Section B of the CFRLF will also be
increased from $200,000 to $400,000. Section B loan types include:

o Limited Entry Permit Purchase
o Vessel Purchase
o Vessel Upgrade
o Product Quality Improvement
o Engine Fuel Efficiency Upgrade
o Gear Purchase or Upgrade

These temporary amendments will remain in effect through June 30, 2027.
General Requirements and Conditions of the CFRLF:

• Alaska resident for the past 2 years.
• No past due child support payments.
• Total aggregate loan balances under the CFRLF is $400,000.

Note: The BBRSDA is not involved in providing or assisting with loans. Please contact the division by phone (907) 465-2510 or by email (investments@alaska.gov) and speak to one of their loan officers.

To learn more on the Alaska Department of Commerce, Community, and Economic Development website, CLICK HERE.