Fishing Industry Credit Enhancement Act of 2025
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill aims to help the commercial fishing industry by expanding access to credit. It modifies the Farm Credit Act to allow Farm Credit Banks and Production Credit Associations to provide loans and financial services to businesses that support producers and harvesters of aquatic products. Specifically, it broadens the definition of eligible service providers to include those directly related to the operational needs of the fishing industry. This would provide greater financial support to a sector vital to the nation’s economy.
Key provisions
- Expands eligibility for Farm Credit Banks to include businesses providing services to aquatic product producers and harvesters.
- Allows Production Credit Associations to offer services to similar businesses.
- Defines ‘services directly related to operating needs’ to encompass a wider range of support for the fishing industry.
- Modifies the Farm Credit Act to clarify the types of services eligible for credit enhancements.
Who is affected
- Commercial fishing industry
- Farm Credit Banks
- Production Credit Associations
- Producers of aquatic products
- Harvesters of aquatic products
Notable changes
- Broadens the definition of eligible service providers within the Farm Credit Act.
- Clarifies that services directly related to operational needs are eligible for credit.
Bill text
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Sponsors
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7 on record
Primary sponsor
Cosponsors
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