Form NOAA 88-1 NOAA 88-1 FFP Loan Application Form

Fisheries Finance Program Requirements

88-1 7-31-21 Edit

Fisheries Finance Program Application

OMB: 0648-0012

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NOAA Form 88-1

U.S. DEPARTMENT OF COMMERCE

(1/22/99)

NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION
Case
MARINE FISHERIES SERVICE

NATIONAL

OMB APPROVED NO.
0648-0012 Expires 7/31/2021

No. __________

FISHERIES FINANCE PROGRAM (FFP) - LOAN APPLICATON FORM
KNOWINGLY SUPPLYING FALSE INFORMATION OR WILLFULLY OVERVALUING ANY ASSET OR INCOME FOR THE
PURPOSE OF OBTAINING A LOAN IS A VIOLATION OF FEDERAL LAW PUNISHABLE BY A FINE OF UP TO $25,000
AND/OR IMPRISONMENT FOR 1 TO 5 YEARS.

Applicant's Name (exact legal title)

Tax ID Number or Social Security No.

Address

Email address

Applicant is:

Individual

Partnership

Phone Number (

)

Fax Number

)

Corporation

(

Limited Liability Company

Loan Amount Requested $ _______________________________ Term Requested: _______ years
Note: Loan amount cannot exceed 80% of the cost or depreciated actual cost of the project.
Application Fee:
Attach a check payable to "NOAA, NMFS, FFP" for one-half of one percent of the loan amount you are
requesting. (If your application is not approved, one-half of the fee is refundable.)
Do you want to keep this application confidential and withheld from public disclosure to the extent authorized by law,
including, but not limited to, the Freedom of Information Act, 5 U.S.C. section 552?
No
Yes
The Applicant certifies that: (1) it is a citizen of the United States (if a corporation, at least 75% of the stock must be
held by U.S. citizens), and (2) all information in this application is true and correct to the best of the applicant's
knowledge and belief and is submitted to obtain a loan from the Fisheries Finance Program.
The applicant authorizes anyone possessing financial, credit, business, or character information to release it to the

Financial Services Division of the National Marine Fisheries Service (all such information shall be kept confidential by that

agency). Duplicates of this authorization shall have the same validity as the original.
________________________________________ Date: ____________________
(signature)
________________________________________ Date: ____________________
(signature)
________________________________________ Date: ____________________
(signature)

Note: Both spouses must sign if they are co-applicants; each partner must sign if applicant is a partnership;
authorized corporate officer must sign and signature must be properly attested if applicant is a corporation,
and corporate seal affixed, if applicable.

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Purpose of Loan: (Attach additional sheet(s) if necessary.)

(1) For Refinancing existing long-term debt, attach copies of current notes or mortgages.
(2) For New Construction, attach a detailed construction plan.
(3) For Purchase of used Vessels, Shoreside Facilities, or Aquaculture Facilities, attach a copy of purchase and
sales agreement.
(4) For Reconstruction (Vessel reconstruction which increases harvesting capacity is not permitted) of Vessels,
Shoreside Facilities, or Aquaculture Facilities, attach a copy of appropriate contracts and invoices.
(5) For Permit Financing (certain Federal fishing permits may be eligible for FFP financing or refinancing),
attach a copy of the purchase contract.

Appraisals and Surveys Required:
(1) Vessels - Provide a current (within the last year) condition and valuation survey by a licensed marine surveyor,
(Naval Architect, Stability Test and/or Appraisal may be required.)
Also include copies of all Federal and State fishing permits owned or utilized by the vessel.
(2) Land and Shoreside Facilities - Provide a current appraisal that includes an alternate use appraisal by a
licensed appraiser. Member, Appraisal Institute (MAI) appraisal may be required.

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Your Business
Provide a brief description of your business including major products or services, markets, and operation. (Attach
additional sheets, if needed.)

List your major customers, credit terms and percentage of annual sales.

Customer's Name and Address

Credit Terms

% of Sales

List your suppliers, credit terms and credit limits.
Supplier's Name & Address

Credit Terms

3

Credit Limit

Ownership
List owners/partners/shareholders/members, the percentage of the company they own, and their compensation from
the company.
Name

Position/Title

% Owned

Compensation

Documents Required:
(1) Partnerships: Provide a copy of your Partnership Agreement
(2) Corporations: Provide a certified copy of your Articles of Incorporation, Bylaws, Declaration of Corporate
Officers, Corporate Resolution authorizing transaction, Certificate of Incumbency, and a Good Standing
Certificate from the Secretary of State.
(3) Limited Liability Companies: Provide a certified copy of the Articles of Organization, Operating Agreement,
Resolution by members authorizing transaction, and a Certificate of Good Standing from the Secretary of
State.

Resumés
Attach a brief personal resumé including work experience for each individual, partner, officer, or major shareholder.

Are there any amounts due to the company from owners or other related parties?
Yes

No (If yes, describe.)

Is your company in compliance with applicable federal and state regulations (such as environmental, employment,
and safety?)
Yes

No (If no, describe.)

4

Legal History
If any of the following questions apply to the applicant, partners, stockholders or guarantors connected with the
applicant, provide complete history and current status.
(1) Is the applicant delinquent on any Federal debt? Yes

No

(2) Are any partners, shareholders, or members of the applicant delinquent on any Federal debt? Yes
(3) Have you ever been in bankruptcy or made an assignment for the benefit of creditors? Yes
(4) Have any judgments or compromise settlements ever been obtained against you? Yes
(5) Are you involved in any pending litigation, either as a defendant or plaintiff? Yes

No

No
No

No

(6) Do you buy from, sell to, lease from, or use the services of any concern in which someone in your company has
a significant financial interest? Yes
No
(7) Does your business have any subsidiaries or affiliates? Yes

No

If yes, please provide their names and the relationship with your company and include a current financial
statement for each.
(8) Have you ever had any fishing violations or have any outstanding unpaid fines? Yes

No

All applicants to provide the following information:
Accountant (name & address)

Phone Number (
Fax Number (

)
)

Attorney (name & address)

Phone Number (
Fax Number (

)
)

Insurance Agent (name & address)

Phone Number (
Fax Number (

)
)

5

FINANCIAL INFORMATION REQUIRED

NOTE: All financial statements and tax returns must be signed and dated. (Audited financial statements may

be required.)

(1) Individual/Proprietor
(a) Current personal financial statement (current within 30 days).
(b) A complete copy of your Federal Income Tax Return for the last 3 years.

(2) Partnerships, Corporations, and Companies
(a) Current personal financial statement (current within 30 days) for each partner/shareholder.
(b) A complete copy of each partner/shareholder's Federal Income Tax Return for the last 3 years.
(c) Current Balance Sheet and Operating Statement for the partnership/corporation/company (current within 30
days).
(d) Balance Sheet and Profit and Loss Statement for the partnership/corporation/company for the last 3 years.
(e) A complete copy of the partnership/corporation/company's Federal Income Tax return for the last 3 years.
(f) Current aging of accounts receivable and payable.

(3) All Applicants:
All applicants must provide a projection of income and cash flow, including a proforma balance sheet for two years
operation of the project.
Public reporting burden for this collection of information is estimated to average 10 hours per response, including time for reviewing instructions,
searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. Send
comments regarding this burden estimate or any other suggestions for reducing this burden to Brian Summers, Financial Services Division,
NOAA Fisheries, 1315 East West Highway, Silver Spring, MD 20910. Confidential name and address information will be released via a
NOAA website for informational purposes. All other data submitted will be handled as confidential material in accordance with NOAA
Administrative Order 216-100, Protection of Confidential Fishery Statistics. Notwithstanding any other provisions of the law, no person is
required to respond to, nor shall any person be subjected to a penalty for failure to comply with, a collection of information subject to the
requirements of the Paperwork Reduction Act, unless that collection of information displays a currently valid OMB Control Number
Privacy Act Notice:
Authority: The collection of this information is authorized by Title 46 U.S.C. 1271-1279 and 50 CFR Part 253, Subpart B.
Purpose: The data will primarily be used for the evaluation of financial condition in connection with application for financing under the Fisheries
Finance Program. Financing will not be considered unless all requested information is furnished.
Routine Uses: The Department will use this information to determine eligibility for financing. Disclosure of this information is permitted under the
Privacy Act of 1974 (5 U.S.C. Section 552a) to be shared among Department staff for work-related purposes. Disclosure of this information is also
subject to all of the published routine uses as identified in the Privacy Act System of Records Notice COMMERCE/NOAA-21, Financial Services
Division.
Disclosure: Furnishing this information is voluntary; however, failure to provide accurate information will prevent full evaluation of the application.

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File Typeapplication/pdf
File TitleNOAA Form 88- 1
Authornoaa
File Modified2018-07-31
File Created2009-01-28

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