The Commercial Fishermen Vessel Owner Program is designed to assist fishermen and vessel owners whose businesses have been negatively impacted by storm related losses from hurricanes Gustav and Ike. Specifically, this program pays down high-interest rate debts and provides funding for repairs and re-purchases attributed to Gustav and/or Ike. The program will work closely with other LDWF federal fishery recovery programs to ensure that qualifying applicants receive the maximum amount of funds for recovery.
Program Size: - Initial Allocation $9 million
After a six-week open application period, the program size will be determined based on the demand and response from the commercial fisheries industry.
Eligible: Commercial Fishermen and Vessel Owners
Eligible applicants are commercial fishermen that held a LDWF resident commercial fishing license in 2008 and 2010, can prove $5,000 tangible loss and/or business experienced a decline in gross receipts and sales in 2006, 2007 or 2008 (pre-storm) versus 2008 or 2009 (post-storm) and document other factors -or- held a LDWF resident vessel license in 2008 and 2010 and can document other factors.
Individuals or businesses currently in bankruptcy proceeding are NOT eligible.
The program is open only to Louisiana licensed commercial fishermen and vessel owners that can show storm related economic impacts of losses of $5,000 or more with other appropriate financial materials. Fishermen can request up to $100,000 for this 100% grant, to address demonstrated losses and for capital needs with the 2010 fishery.
If, after the close of the application period, the total request for funds exceeds the program allocation, the state will use a pro-rata allocation process to make individual awards that is based on applicants? income that is earned from commercial fishing.
If a pro-rata allocation is necessary, applicants that earn 50% or more of their income from commercial fishing will be placed into a pool that receives a minimum of 75% of the total allocation. Applicants earning less 50% of their income from commercial fishing will be placed in into the 2nd pool and receive the remaining allocation.
Based on program demand at the close of the application process, the state will announce the final pro-rata formula and allocation between the groups if it is found to be necessary.