USDA loans would expand to cover commercial fishing

What does this do?

This bill lets commercial fishermen and fish processors apply for USDA loan and grant programs that have only been open to farmers and ranchers until now. They could use loans to buy fishing permits, vessels, or processing facilities, and use operating loans for everyday business costs. Wild-caught seafood would also qualify for a USDA program that supports local and regional food markets.

Who does it affect?

People who catch fish commercially, fish processing businesses, and businesses that provide services to seafood harvesters would be affected. Farm Credit banks and production credit associations would be able to lend to seafood-related service businesses under this bill.

Why does it matter?

Fishing and processing businesses would have access to a broader set of federal financing and marketing tools that were not previously available to them. Within one year of passage, USDA would be required to reach out to fishermen, train staff, and coordinate with other federal and state agencies to put these changes into effect.

Where does it stand?