OFFICE OF THE SECRETARY 



For Release OCTOBER 25, 1956 



INTERIOR AND SBA TO COOPERATE IN GRANTING FISHERY LOANS 



Secretary of the Interior Fred A. Seaton and Wendell B. Barnes, Administrator 

 of the Small Business Administration, announced today that the Departnnent of the 

 Interior and the Small Business Administration have concluded an agreement for 

 administration of the recently established $10,000,000 fisheries loan fund. 



This loan fund was authorized by the Fish and Wildlife Act of 1956 and the 

 regulations establishing the required administrative procedures were published in 

 the Federal Register on October 18. 



Under the terms of the "memorandum of understanding" signed by the two 

 agencies, all completed loan applications must first be sent by the applicant to the 

 Fish and Wildlife Service of the Department of the Interior, either to the nearest 

 designated fishery field office or to the central office in Washington, D. C. 



Applications approved for further processing will be forwarded by the Depart- 

 ment to the Snnall Business Administration, which will initiate a field investigation 

 to ascertain the applicant's financial standing. At the same tinne, the Service 

 will determine the applicant's qualifications in the field of fisheries. 



Loan applications approved by the Department of the Interior on the basis of 

 investigations by the Small Business Administration and the Fish and Wildlife Serv- 

 ice will be transmitted to the Small Business Administration, which will perform 

 the services involving the issuance of the check for the loan, collection of repay- 

 ments, and other loan servicing functions. 



P.N. 6146 



