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RCED-94-69R 1 (1993-11-05)

handle is hein.gao/gaobacklm0001 and id is 1 raw text is: (3 O United States General Accounting Office Washington, D.C. 20548 Resources, Community, and Economic Development Division B-255491 November 5, 1993 The Honorable Daniel K. Akaka United States Senate The Honorable John Glenn Chairman, Committee on Governmental Affairs United States Senate The Honorable Gerry E. Studds Chairman, Committee on Merchant Marine and Fisheries House of Representatives The Honorable E (Kika) de la Garza Chairman, Committee on Agriculture House of Representatives In response to your June 29, 1993, request, we are providing information on the availability of commercial and federal financing for aquaculture as well as the availability of other assistance for the industry from the U.S. Department of Agriculture (USDA). To develop this information, we talked extensively with lenders, government officials, researchers, and aquaculturalists and reviewed available information from USDA. In short, although there is little quantitative data on the availability of financing for aquaculture, the lenders, producers, and USDA officials we interviewed said that financing is generally difficult to obtain, primarily because of the inherent risks of doing business in an emerging industry. However, aquaculturalists can turn to one source of credit available to any risky agricultural operation--the Farmers Home Administration (FmHA). Since October 1990, FmHA has made or guaranteed almost $38 million in aquaculture loans. USDA provides other types of assistance as well, including research, information services, and export promotion. In fiscal year 1993, USDA budgeted over $24 million for these activities. But some people we spoke with indicated that GAO/RCED-94-69R, USDA Assistance for Aquaculture

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