Sponsor Statement for HB 381

The purpose of House Bill 381 is to create within the Divisions of Investments Commercial Fishing Loan Program loans for fishers and tender operators who are affected by an economic disaster in areas where a fisheries failure has occurred. The loans may be made for payment of annual start up and operating costs to include payments of cannery accounts.

The loan amounts needed for these start up costs must be documented by the fisher or tender operator. The amounts of the loans vary on the type of fishery in which the individual is participating. Loans may not exceed three percent interest. Eligibility is based on two continuous years residency, participation in a fishery that has been declared an economic disaster by the Governor and have a household income of no more than $25,000.