H.R. 10342: American Seafood Competitiveness Act of 2026

This bill would expand federal agriculture loan and grant programs so they can also be used by commercial fishing and fish processing businesses, not just traditional farming and ranching businesses.

What changes it makes

• It adds new definitions so federal law recognizes terms like commercial fishing, commercial fishing vessel, fish processing, and fish processing facility.
• It changes the Department of Agriculture’s farm loan programs so that people or businesses involved in commercial fishing or fish processing can qualify for:
  • Farm ownership loans
  • Farm operating loans
• For commercial fishing, those loans could be used for:
  • buying a commercial fishing permit
  • buying a commercial fishing vessel
  • making capital improvements to a commercial fishing vessel
  • operating and maintaining a commercial fishing vessel
• For fish processing, those loans could be used to:
  • buy a fish processing facility
  • make capital improvements to a fish processing facility
  • cover operating and maintenance costs for a fish processing facility
• It updates a USDA local food and market promotion program so that wild-caught fish can count as an eligible agricultural product for certain purposes, and so domestic seafood marketing can be funded as an eligible activity.
• It allows the Secretary of Agriculture to waive or reduce matching-fund requirements for grants under that program if the recipient is engaged in commercial fishing or fish processing.
• It directs the Department of Agriculture, within one year, to integrate these seafood-related businesses into the programs they newly qualify for, including by:
  • providing outreach and technical assistance
  • training USDA staff
  • coordinating with NOAA and other federal or state agencies
• It also changes the Farm Credit Act so that businesses providing services directly related to producers or harvesters of aquatic products can receive certain credit and financial services through farm credit institutions.

Practical effect

In plain terms, the bill would make it easier for fishing-related businesses and seafood processors to access federal loans, grants, and credit that are currently aimed mostly at agriculture. It also creates a process for USDA to help these businesses understand and use those programs.

Relevant Companies

• None found