REFINANCING THE BUYBACK LOAN
The crab fishing industry has been repaying their Fishing Capacity Reduction Loan (called the buyback loan) through a tax on landings of crab since the start of the loan in 2005. To date, they have paid over $100 million back on a $97 million loan.
With fluctuating total allowable catches (TACs) for most BSAI crab fisheries, the remaining participants in the crab fishing industry post-buyback are struggling to pay down the principle of the loan and are seeking practical, fair solutions to repay. ABSC is working at the national level on potential solutions to help our industry repay their loan.
More information on the crab buyback loan is available on the National Marine Fisheries Service’s website here.