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Legislature Passes Bill to Support Alaska Fishing Families and Strengthen CFAB Lending
JUNEAU, AK — Yesterday, the Alaska Legislature passed Senate Bill 156, preserving a vital financial tool for Alaska commercial fishing families. The bill invests in the Commercial Fishing and Agriculture Bank (CFAB), letting them match the low interest rates on commercial fishing loans the legislature and governor adopted in the 2024 legislative session.
“This bill will help Alaska small fishing businesses during these tough financial times,” said Senator Jesse Kiehl, D-Juneau.
The legislation came from the recommendations of the Joint Legislative Taskforce Evaluating Alaska’s Seafood Industry. Unable to match the rates from the revolving loan fund, CFAB has lost significant loan volume. SB 156 fixes it with a one-time, temporary investment of state money that will be paid back to the general fund.
Kiehl served on the taskforce and carried the bill in the Senate. “Keeping CFAB afloat helps Alaska fishermen today and preserves an important financing option for many years to come,” he said.
“I am happy that we could find a creative solution through this bill that provides immediate financial relief to Alaska commercial fishing operations and an important lending institution that has supported them for almost 50 years,” said Rep. Louise Stutes, R-Kodiak, Chair of the House Special Committee on Fisheries and member of the taskforce. “The unanimous vote in the House goes to show just how important commercial fisheries are to every part of our state.”
SB 156 goes next to the Governor’s desk.
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