Congratulations to the recipients of the CFAB Scholarship Fund, Inc. 2019 Scholarship winners:
- Katie Beans of St. Mary’s, Alaska
- Courtney Bernowski of Palmer, Alaska
- Olivia Carroll of Cordova, Alaska
- Sharon Hansen of King Salmon, Alaska
- Hannah Moore of Palmer, Alaska
- Ruth Myrvold of Wasilla, Alaska
- Logan Phelps of Naknek, Alaska
- Connor Romer of Naknek, Alaska
Do you own a Non-Coast Guard documented boat over 24 feet in length?
SB92 which was signed into law in 2018 requires that undocumented AK vessels over 24 feet in length be TITLED through the Department of Motor Vehicles (DMV) . This is a new requirement and while most of you may have already REGISTERED your vessel with DMV, this new statute requires that your vessel be TITLED. There are many steps to this process and if you have pledged your AK boat as collateral on your CFAB loan it is best you contact us directly to assist you with this process.
For those vessels which our Coast Guard Documented SB92 now requires that you REGISTER your boat with DMV. Again, if your Coast Guard Documented Vessel is collateral on your CFAB loan please contact us for more information.
Some important information about LLC’s, Corporations, and Partnerships.
It has been become more and more fashionable over the years to incorporate your Business into a more formal structure. Primarily we are seeing Limited Liability Companies and Corporations. The advantages and disadvantages of each of these is a personal choice, however, from the view of your lender we want to remind you that you are creating a separate “Entity” and there are some rules, requirements, and responsibilities that come along with these entities.
Your lender, in this case CFAB, will need to have the Organic documents that established the structure, these may include the Articles, Bylaws, Operating Agreements, Articles of Organization etc., The “Entity” must be properly registered with the State of Alaska and must be in Good Standing with them by filing all of its annual paperwork (along with various other requirements).
If you place the ownership of your business assets into the “Entity” or are looking to purchase an asset (boat, quota etc.,) from someone else who has placed that asset into a LLC, Corporation or Partnership you or they must provide the appropriate documentation of that entity to show who within the entity has the authority to act on behalf of the entity to sell or pledge that asset.
We encourage you to contact us EARLY in the process to discuss this in more detail before submitting your application, this will help save you a lot of time.