fc) There is hereby created a fisheries loan fund, which shall be used by the Secretary as a revolving fund to make 

 loans for financing and refinancing under this section. Any funds received by the Secretary on or before June 30, 1965, 

 in payment of principal or interest on any loans so made, shall be deposited in the fund and be available for making 

 additional loans under this section. Any funds so received after June 30, 1965, and any balance remaining in the fund 

 at the close of June 30, 1965 (at which the fund shall cease to exist), shall be covered into the Treasury as miscel- 

 laneous receipts. There are hereby authorized to be appropriated to the fund the sum of S 10,000,000 to provide 

 initial capital. 



fd) The Secretary, subject to the specific limitations in this section, may consent to the modification, with respect 

 to the rate of interest, time of payment of any installment of principal, or security, of any loan contract to which he 

 is a party. 



On October 15, 1956, the inauguration of the fisheries loan program was 

 announced in a press release (Appendixes No. 2 and No. 3). The regulations 

 governing the program were signed on that date and appeared in the Federal 

 Register for October 18, 1956 Appendix No. 4). Application forms (Appendix No, 5) 

 were distributed on October ZZ. A memorandum of understanding was concluded 

 with the Small Business Administration which provided that that Agency would 

 make financial investigations of applicants for loans in excess of $ 5,000, close 

 and disburse all approved loans, and service loans after disbursement. The Bureau 

 of Commercial Fisheries would make technical investigations of applicants, 

 financial investigations of applications involving $5,000 or less, be responsible 

 for the final decision on the approval or declination of an application, and have 

 primary responsibility for the entire program. The Bureau also was to be respon- 

 sible for handling any defaulted loans. 



ADMINISTRATION OF THE FISHERIES LOAN FUND 



The program was started with employees of various Sections of the Branch of 

 Commercial Fisheries being temporarily detailed to the program. By the end of 

 fiscal year 1957, a permanent field staff had been recruited and most of the 

 permanent Central Office staff employed. The program was assigned to an Office 

 of Loans and Grants in the Office of the Director. The staff in the Central Office 

 consisted of three professional and three clerical employees. The field staff 

 included four full-time and one half -time professional employees. The organization 

 chart (fig. 1) shows the organization of the Office. 



Director, BCH 

 Assistant Director 



Office oi 

 Loans and Grants 



Division of 

 Biological Research 



Division of 

 Adninistrat ion 



Division ot Industrial 

 Research and Services 



Division of 

 Resource Managefient 



Field Office 

 Fast Boston 



Field l>ffice 

 Pascagou l.t 



F^egional 

 Director 

 Juneau 



Direc tor 



POFl 

 Honolulu 



Field Office 

 Juneau 



Field liffici 

 Seattle 



Field Office 

 San Pedro 



Members of 

 POFl Staff 



Figure 1.- -Office of Loans and Grants organization chart, June 30, 1957 



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