APPENDIX NO. 2 



FISH AND WILDLIFE SERVICE 



For Release OCTOBER 15, 1956 



FISHERIES LOAN FUND PREPARATIONS NEAR COMPLETION 



One of the new functions authorized by the Fish and Wildlife Act of 1956--the 

 creation of a fisheries loan fund- -is now ready to operate and loan application 

 forms will be distributed from the Fish and Wildlife Service on receipt from the 

 printers, Secretary of the Interior Fred A. Seaton announced today. 



Under one of the provisions of the new Act, the Secretary of the Interior is 

 authorized to establish rules and regulations "to make loans for financing, and 

 refinancing of operations, maintenance, replacennent , repair, and equipment of 

 fishing gear and vessels, and for research into the basic problems of fisheries." 

 Loans can not be extended for any phase of a shore operation. 



The broad objective of the fisheries loan fund created by the Act is to provide 

 financial assistance which will aid the commercial fishing industry to bring about 

 a general upgrading of the condition of both fishing vessels and fishing gear in 

 order to produce more efficient and profitable fishing operations. 



The Act authorized $ 10 million to provide initial capital as a revolving fund for 

 these loans. The law provides that the loans will bear an interest rate of not less 

 than three percent and will mature in not more than 10 years. Under the ternns of 

 the Act, a loan may not be granted unless reasonable financial assistance applied 

 for is not otherwise available on reasonable terms. 



Rules and regulations for making loans under the fisheries loan fund will be 

 published in the Federal Register. 



Persons in the United States and territorial possessions who desire loans should 

 obtain an application form and instruction sheet from the nearest Fish and Wildlife 

 Service Fishery Market News Office. These offices are located in New York City, 

 Boston, Mass., Hampton, Va., New Orleans , La., San Pedro, Calif., Seattle, Wash., 

 and Chicago, 111. In Alaska applications may be obtained from the FWS Fishery 

 Products Laboratory in Ketchikan and the FWS office in Juneau; in Hawaii from 

 the FWS Laboratory, 2570 Dole Street, Honolulu. 



Forms are also available from the central office of the Fish and Wildlife Service 

 at Washington 25, D. C. Completed application forms must be sent to the Washington 

 office of the Service for processing. 



Street addresses of the Fishery Market News Offices are as follows: 



Boston, Mass., Rm. 10, Commonwealth Pier 

 New York City, 155 John Street 

 Hampton, Va., 18 S. King Street 

 New Orleans, La., Federal Building 

 San Pedro, Calif., Post Office Building 

 Seattle, Wash., 42 1 Bell Street Terminal 

 Chicago, 111., Rm. 618, 565 W. Washington Street 



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P.N. 5518 



