Legislature Widens Eligibility for Low-Interest Loans to Repower Commercial Fishing Boats

(Juneau) - The Alaska State House tonight concurred in Senate changes to House Bill 20, legislation that makes low-interest loans for fuel-efficient engines and generator sets available to more of Alaska's commercial fishers. The Alaska State Senate unanimously passed the bill today. The Alaska State House passed the bill unanimously in April 2009. Representative Bryce Edgmon, D-Dillingham, sponsored the bill.

Repowering with engines that take advantage of the latest technologies can potentially save a fishing operation thousands of dollars a season. Commercial fishing is one of Alaska's most important industries. We should do all we can to keep it profitable and competitive.
~ Rep. Bryce Edgmon

HB 20 significantly broadens eligibility requirements for repowering loans under the Commercial Fishing Loan Act. Providing for lending at two-percent below the prime rate with a floor of three percent, HB 20 will help more resident fishermen switch out old, outdated engines for new fuel-efficient ones.

"High diesel and gas prices have cut into profits and are threatening the productivity of fishers all over the state," Edgmon said. "Repowering with engines that take advantage of the latest technologies can potentially save a fishing operation thousands of dollars a season. Commercial fishing is one of Alaska's most important industries. We should do all we can to keep it profitable and competitive."

HB 20 now moves to the governor for signature.