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The Ocean County Fishing Loan Program offers low-interest loans to commercial fishermen and others involved in the commercial fishing industry in Ocean County. The program aims to expand and improve the industry as well as create and maintain jobs.

   
 

Downloads:

Application | PDF
Info Sheet | PDF
   
     
About the Program:
 

Program Objectives

  • Eligible activities are those which will significantly contribute to the economic growth of the commercial fishing industry in Ocean County.
  • Projects which create jobs or retain jobs that are threatened will receive high priority.
  • Projects which leverage private financing are also highly desirable.
Who is eligible to participate in the program?
  • Businesses located or operating within Ocean County and involved in the commercial fishing industry, as well as support businesses (gear supplies, vessels repair and service operations, etc.)

What kinds of projects are eligible?

  • Acquisition of land, buildings, vessels, gear, machinery, and equipment.
  • Construction costs for expansion, rehabilitation, and renovation.
  • Energy conservation measures such as vessel fuel efficiency improvements, as well as on-shore building and equipment improvements.
  • Working capital may be eligible depending on the situation.
What is the interest rate and term of a commercial fishing loan?  
  • Low interest loans up to $150,000 are available. There is a private financing requirement.
  • The interest rate is substantially below market rate and is set at half of the “prime” rate at the time of closing, or 6% whichever is greater.
  • The term of the loan can extend up to 10 years, depending on the life of the asset being financed.
Where do I apply for a commercial fishing loan?
  • Applications can be obtained by contacting the Ocean County Department of Planning at (732) 929-2054. The Planning office is located at 129 Hooper Avenue in downtown Toms River. Guidelines for the program describing eligible projects and the application process are available.
  • We strongly suggest you make an initial appointment to determine eligibility to participate and consistency with the program objectives. The Planning staff is available to help you fill out the application and answer any questions that you may have. Please stop in or phone the Department of Planning and find out more about this unique opportunity for low-cost financing assistance for those involved in the commercial fishing industry.
  • Consult the list of participating lending institutions who are knowledgeable of the program. An applicant can select any other lending institution to participate, provided they consult the Planning Department and enter a cooperation agreement with the County.
    • Commerce Bank
    • Wachovia Bank, National Assoc.
    • Fleet National Bank
       
For more information:  
 

Anthony M. Agliata, PP, LLA

Ocean County Department of Planning
129 Hooper Ave.
PO Box 2191
Toms River, NJ 08754-2191
(732) 929-2054
(732) 244-8396 FAX
ocplanning@co.ocean.nj.us

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Ocean County Department of Planning, 129 Hooper Avenue, P.O. Box 2191, Toms River, NJ 08754-2191
The preceding information has been provided as a service of the Ocean County Board of Chosen Freeholders.
©2014 Ocean County Department of Planning. All rights reserved.
June 17, 2011