February, 2008 SEAS Brailer Scoop mini-article
Fleet Consolidation Proceeds
In late December, 2007, Congress appropriated $235,000 to the National Marine Fisheries Service to establish a loan program for the Southeast Revitalization Association, with the ensuing loan not to exceed $23.5 million dollars.
In late January, 2008, the state of Alaska determined that the existing $2.88 million grant through the SSSF funds could go to a fully agreed upon program to do a reverse auction to achieve nearly a 10% reduction in permits prior to finishing up the remaining permits with the loan program through this coming fall and winter.
The Southeast Revitalization Association will be meeting soon and we will have concurrent discussions with the SEAS board at our annual SEAS Board meeting on March 1,2,3.
If you have any questions do not hesitate to call the SEAS office at (907)463-5080.
or CALL AT 907-723-8267 IF ANY QUESTIONS TO MY PERSONAL CELL PHONE.
This is the history of why we'll be paying less than the 3%. Notice that the loan came through prior to the massive increase in pink and chum salmon prices. So the NMFS set up our 3% based upon .20 cent pinks and .30 cent chums. So long as prices stay higher than that, our interest rate will be commensurately lower.
So this talk about paying only 1% on this loan amount for the first round of fleet consolidation isn't poppycock. It's for real.