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The Wrangell Sentinel
Wrangell, Alaska
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U.S. Secretary of the Interior Fred A. Seaton announced that the fisheries loan fund, created by the 1956 Fish and Wildlife Act, is ready to operate. The $10 million revolving fund will offer loans at 3% interest for up to 10 years to finance fishing vessels, gear, and research, excluding shore operations. Applications in Alaska go to the FWS office in Juneau.
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READY TO OPERATE
One of the new functions authorized by the Fish and Wildlife Act of 1956 - the creation of a fisheries loan fund - is now ready to operate and loan application forms will be distributed to field offices shortly. It has been announced by Secretary of Interior Fred A. Seaton.
Under one of the provisions of the new Act, the Secretary of the Interior is authorized to establish rules and regulations "to make loans for financing, and refinancing of operations, maintenance, replacement, repair and equipment of fishing gear and vessels and for research into the basic problems of fisheries." Loans can not be extended for any phase of a shore operation.
The broad objective of the fisheries loan fund created by the Act is to provide financial assistance which will aid the commercial fishing industry to bring about a general upgrading of the condition of both fishing vessels and fishing gear in order to produce more efficient and profitable fishing operations.
$10 Million Fund
The Act authorized $10 million to provide initial capital as a revolving fund for these loans. The law provides that the loans will bear an interest rate of not less than three per cent and will mature in not more than 10 years. Under the terms of the Act, a loan may not be granted unless reasonable financial assistance applied for is not otherwise available on reasonable terms.
Persons in Alaska who desire loans should make application to the FWS office in Juneau.
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the fisheries loan fund is now ready to operate; loan application forms will be distributed to field offices shortly.
Event Details
One of the new functions authorized by the Fish and Wildlife Act of 1956 - the creation of a fisheries loan fund - is now ready to operate. Under the Act, the Secretary of the Interior is authorized to make loans for financing operations, maintenance, replacement, repair, and equipment of fishing gear and vessels, and for research into fisheries problems. Loans cannot cover shore operations. The objective is to aid the commercial fishing industry in upgrading vessels and gear for more efficient operations. The fund is $10 million revolving capital, with loans at not less than 3% interest, maturing in up to 10 years, only if assistance is not otherwise available on reasonable terms. Persons in Alaska apply to the FWS office in Juneau.