The American Seafood Competitiveness Act of 2026 expands access to Department of Agriculture loans and grants for commercial fishing and fish processing businesses, treating them similarly to traditional farming operations for the first time. The bill allows fishing vessel owners and fish processors to qualify for farm ownership loans to purchase permits and vessels or make capital improvements, as well as operating loans to cover the costs of running their businesses. It also includes these seafood businesses in the USDA's local agriculture market program and allows the department to waive matching fund requirements for fishing and processing businesses applying for certain grants. Additionally, the legislation extends credit eligibility through Farm Credit Banks and Production Credit Associations to businesses that provide services to aquatic product harvesters and producers. The Secretary of Agriculture must implement these changes within one year and provide outreach, technical assistance, and coordination with other federal agencies like the National Oceanic and Atmospheric Administration to help the fishing industry access these programs.
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