NMFS Announces Decreased Fees for Loan Repayments

The National Marine Fisheries Service has announced a decrease in repayment fees for reduction loan financing for the non-pollock groundfish fishing capacity reduction program, effective Jan. 1.

In a statement published in the Federal Register on Dec. 2, NMFS said it is lowering the Loan A fee rate to $0.016 per pound to ensure timely repayment of the loan, but that the fee rate for Loan B would remain unchanged at $0.001 per pound.

The federal agency explained that the decreased fee rate is due to a recalculation based on the required amortization target and projected non-pollock groundfish total allowable catch (TAC) for 2025, as well as a temporary adjustment related to the 2024 Season B.

The first due date for fee payments with the decreased rate is set for Feb. 15, 2025.

Authorization of fishing capacity reduction programs is authorized under the Magnuson-Stevens Fishery Conservation and Management Act.

NMFS also published at notice in the Federal Register on Dec. 2 announcing a decrease in the fee rate to 2.25% for the Pacific Coast Groundfish fee-share fishery to repay the $28,428,718.88 groundfish sub-loan of the $35,662,471 reduction loan that financed the Pacific Coast groundfish fishing capacity reduction program.

The first due date for those fee payments with the decreased rate will be Feb. 14, 2025.

Further information on repaying both loan reduction loans is available from William Fritz, Financial Assistance Specialist, Financial Services Division, National Marine Fisheries Service, 1315 East-West Highway, Silver Spring, MD 20910-3282 or by calling him at (301) 427-8078.

Source: https://fishermensnews.com/nmfs-announces-decreased-fees-for-loan-repayments/