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IFQ Financing under the Fisheries Finance Program

Tab B, No. 12(a). IFQ Financing under the Fisheries Finance Program . August 17, 2010. Outline. New Provisions on IFQ Financing Council’s Request for Participation in the Loan Program Loan Application Process Next Steps . IFQ Financing.

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IFQ Financing under the Fisheries Finance Program

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  1. Tab B, No. 12(a) IFQ Financing under the Fisheries Finance Program August 17, 2010

  2. Outline • New Provisions on IFQ Financing • Council’s Request for Participation in the Loan Program • Loan Application Process • Next Steps

  3. IFQ Financing • New provisions of the Fisheries Finance Program (FFP) would allow some Gulf fishermen to apply for loans to purchase IFQ shares • FFP borrows funds from the US Treasury to fund the loans • Loans are financed on a 20/80 basis (applicant must provide a 20% down payment) • Council must formally request participation in the program

  4. Council’s Request • Request must include definitions of: • small vessel • entry-level fishermen, and • fishermen who fish from a small vessel • Request may include additional eligibility criteria • Council’s request(s) can be submitted through NMFS Regional Administrator

  5. Loan Application • Applicant must be an entry level fisherman or a fisherman who fishes from a small vessel; and meet additional eligibility criteria set by the Council (if any) • Applicants are subject to background and credit checks, including fisheries violations • Application fee equal to 0.5% of the requested loan amount • Applications are submitted to NMFS-SERO

  6. Next Steps • Council determines eligibility criteria and sends its request(s) to NMFS • NMFS will publish a rule to implement the lending program. • Rule includes information on the FFP, instructions for applying, and specific guidance for the fishery • Final rule for the new provisions of the FFP is expected to publish in mid-September

  7. Vessel Length Distribution – Red Snapper IFQ Distribution as of July 6, 2010. Source: Strelcheck – NMFS-SERO

  8. Vessel Length Distribution – Grouper/Tilefish IFQ Distribution as of July 6, 2010. Source: Strelcheck – NMFS-SERO

  9. Landings Distribution – Red Snapper IFQ(2009) Landings Class (lbs): C1: 1-100; C2: 101-200; C3: 201-300; C4: 301-400; C5: 401-500; C6: 501-750; C7: 751-1,000; C8: 1,001-2,000; C9: 2,001-3,000; C10: 3,001-4,000; C11: 4,001-5,000; C12: 5,001-7,500; C13: 7,501-10,000; C14: 10,001-20,000; C15: 20,001-30,000; C16: 30,001-40,000; C17: >40,000 • Source: Strelcheck – NMFS-SERO

  10. Landings Distribution – Grouper/Tilefish IFQ(2009) Landings Class (lbs): C1: 1-100; C2: 101-200; C3: 201-300; C4: 301-400; C5: 401-500; C6: 501-750; C7: 751-1,000; C8: 1,001-2,000; C9: 2,001-3,000; C10: 3,001-4,000; C11: 4,001-5,000; C12: 5,001-7,500; C13: 7,501-10,000; C14: 10,001-20,000; C15: 20,001-30,000; C16: 30,001-40,000; C17: >40,000 • Source: Strelcheck – NMFS-SERO

  11. IFQ Vessel Length Distribution Distribution as of July 6, 2010. Source: Strelcheck – NMFS-SERO

  12. Landings Distribution – Red Snapper IFQ Source: Strelcheck – NMFS-SERO

  13. Landings Distribution – Grouper Tilefish IFQ Source: Strelcheck – NMFS-SERO

  14. Landings Distribution – All IFQ Programs Source: Strelcheck – NMFS-SERO

  15. Questions ?

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