March 20, 2023 — The U.S. Small Business Administration is offering special disaster loans to some businesses hurt by the recent red king crab and snow crab closures.
The federal agency announced last month that certain entities, like small agricultural coops or aquaculture businesses, as well as most private nonprofit organizations are eligible for low-interest loans of up to $2 million. Interest rates range from below 2% to about 3%, depending on the type of organization.
The SBA declared a disaster following a relief request from Gov. Mike Dunleavy for the crab fisheries closures in the Bering Sea and Bristol Bay. Along with U.S. Rep. Mary Peltola, Dunleavy requested a total of nearly $290 million from the federal government last year — the estimated total exvessel loss for both fisheries since 2021. It generally takes years for that kind of money to reach the hands of fishermen and others affected by similar disasters.