Revolving Loans
NSEDC offers low-interest loans with minimal down payments to local residents for vessel and equipment upgrades, and for purchasing fishing gear, outboard motors, Norton Sound salmon permits, Lower Yukon salmon permits, Norton Sound herring permits, and Norton Sound red king crab License Limitation Program (LLP) permits.
Revolving Loan Terms:
- $35,000 maximum for permit holders
- Up to seven-year payback term
- 10% minimum down payment
- Credit check and 90-day delinquency limit
- 0% interest for first three years
- 2% interest commencing in fourth year of loan
Revolving Loan Program Application
Large Vessel Loans
The Large Vessel Loan program provides further assistance to local fishermen in acquiring suitable vessels and vessel re-powers for participation in the Norton Sound red king crab and 4D/4E halibut commercial fisheries. NSEDC designed the Large Vessel Loan option to maximize benefits to fishermen at minimal cost to them.
Large Vessel Loan Terms:
- $100,000 maximum for LLP holders and $75,000 maximum for non-LLP holders
- Up to 10-year payback term
- 10% minimum down payment
- Credit check and 90-day delinquency limit
- 0% interest for first three years
- 2% interest commencing in fourth year of loan
Fishermen Loan Forgiveness
In August 2011, the NSEDC board of directors established a loan forgiveness policy to ease the financial burden related to the death of a resident fisherman from NSEDC member communities. Details of the policy and an application for loan forgiveness can be found here:
For more information on NSEDC’s loan programs contact: Virginia Nashalook, Senior Accountant, 1-800-650-2248
