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MARAD Updates Title XI Program with Streamlined Process | Cozen O'Connor


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The U.S. Maritime Administration (MARAD) recently released guidance on its streamlined procedures for securing government-guaranteed ship financing under the Title XI program, now reliant on the Federal Financing Bank (FFB) as the preferred eligible lender. In what should be welcome news to those familiar with the delays generally associated with the Title XI application process, MARAD has established a simplified and streamlined loan process available to certain borrowers with strong financial track records. Consistent with general Title XI requirements, under this new streamlined program, eligible borrowers must be U.S. citizens or business entities, and eligible projects include the construction, reconstruction, or reconditioning of vessels in U.S. shipyards, with the focus on new construction. In effect, MARAD is making financing more accessible for borrowers with strong financial performance and willingness to a ....

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