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(a) To apply for a loan the applicant shall file with the department
(1) a completed application for a commercial fishing loan, on a form provided by the department;
(2) a completed residency questionnaire, on a form provided by the department;
(3) a letter of intent stating the amount requested and intended use of the proposed loan money, on a form provided by the department;
(4) a schedule of acceptable collateral, including collateral now owned and other collateral to be acquired with the loan proceeds, on a form provided by the department;
(5) an individual financial statement consisting of a current balance sheet and a profit and loss statement, on a form provided by the department;
(6) a statement of projected income and expenses for the following year's operating plan, on a form provided by the department;
(7) a signed credit authorization, on a form provided by the department;
(8) copies of the applicant's federal income tax returns for the preceding three years, and for additional years if necessary to establish eligibility;
(9) a commercial fishing resume identifying all permits and licenses held by the applicant, summarizing the applicant's experience as a commercial fisher in Alaska for each year, on a form provided by the department;
(10) consent to release information, on a form provided by the department;
(11) copies of the purchase agreement or cost estimates and down-payment receipt, with signatures by all parties;
(12) if a vessel is used for collateral, a marine survey less than 90 days old, acceptable to the department, including pictures of the vessel;
(13) a $100 nonrefundable application fee; and
(14) any other information that might be helpful to the applicant in demonstrating eligibility for a loan, as requested by the department.
(b) To prequalify for a loan for the purchase of a limited entry permit or quota shares, an applicant shall file with the department
(1) the materials listed in (a) of this section, except the materials listed in paragraphs (11) and (13); and
(2) a $200 nonrefundable prequalification application fee.
(c) An applicant who submits a false sworn or unsworn statement on or in support of a loan application is subject to AS 11.56.200 - 11.56.210 and will, in the department's discretion, be denied any future loans.
(d) A request for prequalification will be processed in the same manner as a loan request. A prequalification commitment shall not exceed 60 days.
(e) The department will, in its discretion, process loan requests without the information described in (a) of this section in cases where it determines that the information is not necessary in order for the department to make the lending decision.
(f) To receive preauthorization to purchase a commercial fishing vessel, the applicant must file with the department the materials listed in (a) of this section, except the items in paragraph (11).
(g) A request for preauthorization will be processed in the same manner as a loan request. A preauthorization shall not exceed 90 days.
(h) The department will, in its discretion, process loan application without the application fee required in (a)(13) of this section, if the department determines that the payment of costs of processing the application would be an undue hardship to the applicant.
History: Eff. 9/11/85, Register 95; am 1/11/87, Register 101; am 5/23/88, Register 106; am 3/16/95, Register 133; am 8/10/97, Register 143
Authority: AS 16.10.310
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Last modified 7/05/2006