Many fishing businesses in the West Coast groundfish fishery have struggled to pay high interest rates on federal loans and fees on their catch, according to Herrera Beutler.
The legislation ensures these fishermen receive the same interest rates on federal loans as other businesses and extends the length of these loans from 30 to 45 years. In addition, the legislation reduces fees the National Oceanic and Atmospheric Administration (NOAA) collects from fishermen to pay down their loans, Herrera Beutler said in the release.
In 2011, the West Coast groundfish fishery supported 3,000 jobs and a catch valued at $64 million, according to the Camas Republican.
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