NOAA Fisheries accepts applications for $197 million in loans for Community Development Quota groups in western Alaska.
NOAA Fisheries is accepting loan applications totaling up to $197 million for fisheries-related projects for the six Community Development Quota groups in western Alaska. Up to $32.8 million will be available for each of the CDQ groups to borrow for eligible loan projects. This includes funds for fish quota, aquaculture products, and the refinancing of already purchased vessels. The loan cannot be used for overfished fisheries or the purchase of a new vessel.
The six Community Development Quota groups are:
- Aleutian Pribilof Island Community Development Association
- Bristol Bay Economic Development Corporation
- Central Bering Sea Fishermen’s Association
- Coastal Villages Region Fund
- Norton Sound Economic Development Corporation
- Yukon Delta Fisheries Development Association
Each group has 31 days from the publication of the Federal Register to submit loan applications. If loan applications are not received for the full amount available, NOAA Fisheries will accept applications from the groups for the remaining funds on a first-come basis until the full amount is allocated.
Congress originally established the CDQ Program to:
- Provide eligible western Alaska villages with the opportunity to participate and invest in fisheries in the Bering Sea and the Aleutian Islands Management Area
- Support economic development in western Alaska
- Alleviate poverty and provide economic and social benefits for the residents of western Alaska
- Achieve sustainable and diversified local economies in western Alaska
Congress also established a CDQ Loan Program to provide long-term loans to assist the CDQ communities in developing local fisheries.
Source: NOAA Fisheries