b'Continued from page 4: Letter from the PresidentAT THE HELMDirect Funding and Grants: The Revolving Loan Funds: It converts Reduced Regulatory Burden: Theact specifically authorizes $100 mil- the Title XI Federal Ship Financingact aims to streamline the U.S. Coast lionannually(FY2635)forsmallProgram into a revolving loan fund.Guards regulatory oversight process shipyards and expands eligibility forThiscanprovidemoreaccessibleand cut through red tape that has existingsmallshipyardgrantpro- and consistent financing options forhistorically limited the competitive-grams. This direct financial injectionshipyards, which is particularly ben- nessofU.S.-flaggedvessels.This can be crucial for small shipyards toeficial for smaller entities that mightcould expedite project timelines and modernize facilities, upgrade equip- struggletosecuretraditionalloansreduce administrative costs for ship-ment, and increase their productionfor large-scale projects. yards, including smaller ones.capacity.WorkforceDevelopment:The MaritimeSecurityTrustFund:InvestmentTaxCredits:Theact addresses the critical need for aThe creation of a Maritime Securi-SHIPSActproposesa25percentskilledworkforcebymakingmar- ty Trust Fund, financed by duties, investmenttaxcreditforshipyardinersandshipyardworkerseligiblefees, penalties, taxes, and tariffs col-improvements. This broad incentivefor Public Service Loan Forgivenesslected by U.S. Customs and Border appliestoallshipyards,includingand GI Bill benefits. This will helpProtection, will provide a dedicated smallones,makingitmorefinan- attract and retain talent, which is vi- andconsistentsourceoffunding cially attractive to invest in necessarytal for small shipyards that often facefor maritime security programs and upgrades and expansion. workforce shortages. infrastructure,includinggrants for shipyards. RegionalMaritimeInnovationIncubators: The act funds regional Maritime Innovation Incubators at $50 million/year, focusing on R&D inshipbuilding,fuels,vesselde-sign, and port infrastructure. Small shipyardscanbenefitfromaccess totheseresearchanddevelopment initiatives, helping them adopt new technologies and improve efficiency.While there is momentum and bipar-tisan support for the SHIPS Act, the mostrealisticexpectationisthatit couldbecomelawsometimewithin the next year to two years, meaning late 2026 or into 2027. Sincerely,Steve JonesPVA President, 2025FOGHORN 46'