Interest Relief

Tourism Interest Relief Program

Amount:

$700,000.00

Type of Program:

Interest Relief

Description:

The Tourism Interest Relief Program provides assistance to Island tourism operators. The assistance provided will equal the amount of interest expense incurred or paid on term debt, for each month from April 1, 2020 to September 30, 2022. Assistance will also be provided equal to the amount of unsubsidized interest expense incurred or paid on property taxes for eligible properties for the period from June 1, 2021 to December 31, 2021 in which the tourism operator demonstrates they have been applied for the Canada Emergency Rent Subsidy (CERS).

Comments on Funding:

Eligible companies can receive up to 100% of their interest from their term debt up to $250,000. Once a company hits the $250,000 threshold, only 50% of the company's outstanding term debt interest will be eligible until they reach $700,000.

The maximum cumulative interest relief to be provided to any one business is limited to the lower of:

1
total revenue reported by the business for income tax purposes in the previous year; or
2
$700,000.

When It Ends:

Ongoing

Deadline:

September 30, 2022

Eligibility:

Applicants must:

be for-profit corporations, partnerships and sole proprietorships operating within one of the following sectors:

licensed tourism accommodations used primarily for business activity (e.g. hotel, motel, bed and breakfast, inn, resort, cottage operations, campgrounds);
food and beverage service (e.g. restaurant, bar, brewery);
local artisans and artists (e.g. pottery, artwork);
locally-owned retail and gift shops that cater primarily to tourism;
attractions (e.g. museum);
tourism service/experience providers;
event companies;
adventure (e.g. kayaking, amusement park, golf); and/or
tour operators.

demonstrate either:

a minimum 30% decrease in tourism related revenues from operations located in Prince Edward Island compared to the same month in the prior year; or
that the operation had no tourism revenue.

have the physical tourism operation and head office located on Prince Edward Island.

Only non-revolving, term debt incurred on or before April 1, 2020 with a financial institution is eligible for interest relief under the term debt portion of this program.

Application Steps:

must submit the online application and the required supporting documentation,

must complete the online application for "Request Subsequent Relief Payments" for each subsequent month you request relief, if the initial application was approved,

upon approval of the initial application under the Tourism Interest Relief Program, Finance PEI and Tourism PEI will process payment of interest relief with respect to interest on term debt on approved monthly claims submitted.

Documentation Needed:

Applicants must submit:

1
the completed online application for “Tourism Interest Relief” from Finance PEI and Tourism PEI,
2
monthly financial statements demonstrating a negative impact in PEI-generated tourism revenues each month via either:

a minimum 30% decrease in tourism related revenues from PEI operations compared to the same month in the prior year; or
no tourism revenue for the month.

3
proof of CERS application including subsidy rates in effect for the June 1, 2021-December 31, 2021 period, if applying for property tax interest relief,
4
completed authorization to release property tax information, if applying for property tax interest relief,
5
property tax bills for properties used in the applicant’s tourism operation on which they are seeking property tax interest relief, along with a certification that the properties are used in the applicant’s tourism operation, if applying for property tax interest relief,
6
term debt agreements with financial institutions (including, but not limited to, mortgage documents),
7
documentation to confirm that debt was incurred for the purpose of earning income on PEI for tourism activities,
8
completed Tourism Interest Relief Program Pre-Authorization for Credit Transactions Form,
9
additional documentation might be required.

Program Contact:

Tourism Interest Relief Program

Future Fisher Program

Amount:

No Fixed Amount

Type of Program:

Interest Relief

Description:

The Future Fisher Program provides training and financial assistance to aid new entrant lobster fishers and lobster fishers working towards ownership of a lobster fleet to become better positioned for success in the PEI lobster fishery.

Comments on Funding:

Applicants who have borrowed money from a recognized financial institution to purchase fishing related assets, i.e. chartered bank, Credit Union, or PEI Lending Agency, might be eligible to receive interest relief - up to $3,000 per year for three years for a maximum contribution of $9,000.

Interest relief on loans related to acquiring a lobster license is calculated as follows:

Grade 12 or equivalent completed – receive 2% contribution per year on loans up to $150,000, or
Grade 12 or equivalent yet to be completed – receive 1% contribution per year on loans up to $150,000.

In addition, each applicant is eligible to receive up to $1,000 toward the costs of training initiatives. Assistance for training initiatives will be normally cost-shared between the department and the applicant on a 50- 50 basis.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be a resident of PEI, age 18 years or older,
have purchased a class ‘A’ lobster license, after January 1, 2009,
hold a Class A lobster license, or working towards ownership of one,
have yet to purchase a core lobster fishing license (eligible to receive funding towards training initiatives, while in the three-year program).

Application Steps:

The applicant must submit his completed application with all relevant documentation.

Following submission, the program officer will contact the applicant to discuss his application and related documents.

Documentation Needed:

The applicant must submit:

a letter from his lending institution outlining the dispersement date as well as terms and conditions of his fishery loan,
diploma or grade transcripts if he has Grade 12 or equivalent.
certificates of any courses acquired (such as Fishing Master IV OR D.V.S., ROCM, First Aid, SVOP, etc).

Program Contact:

Apply for Future Fisher Program

af_futurefisher_application.pdf

Cattle and Sheep Industry Development Program

Amount:

No Fixed Amount

Type of Program:

Interest Relief

Description:

The Cattle and Sheep Industry Development program seeks to improve industry competitiveness and resilience by providing funding assistance which gives producers the opportunity to make investments that increase livestock numbers.
Program funds assist by offsetting interest charges for the first 2 years after the loan is taken.

Comments on Funding:

Program funds assist by offsetting interest charges for the first 2 years after the loan is taken.
Applicants can apply for a maximum assistance of 10% of their cattle and sheep commodity sales.

When It Ends:

Ongoing

Deadline:

February 28, 2022

Eligibility:

Applicants must:

be currently and properly registered in the correct income category under the Farm Registration Act;
have generated annual eligible gross commodity income of $30,000;
be currently in good standing with Sheep Producers Association of Nova Scotia (“SPANS”), designated under the Agriculture and Marketing Act; and or the Nova Scotia Cattle Producers (“NSCP”) Licensing and Levy requirements under the Natural Products Act;
be at least 19 years of age
have a valid Premises Identification;
be enrolled in a herd/flock health program;
have completed a recognized humane handling course.

Application Steps:

Applicants must:

Complete the Cattle and Sheep Industry Development Application Form.

Submit to the Programs and Business Risk Management office with all related material per the guidelines.

Documentation Needed:

Applicants must submit:

The application form,
Program funding registration form.

Other Things to Note:

Applicant must enroll and complete Atlantic Beef School courses or attend the Atlantic Sheep Conference.

Program Contact:

Cattle and Sheep Industry Development Program

Program_Guidelines.pdf

FarmNext Program 2021-2022

Amount:

$30,000.00

Type of Program:

Interest Relief

Description:

The FarmNext Program aims to encourage and support new farmers establishing a commercial farm in Nova Scotia. By contributing to the interest accrued on a new loan, program funds are intended to improve the financial stability of the new farm business in the first years of operation.

Comments on Funding:

Funding shall not exceed the lesser of:

projected calculation of 4 years of eligible interest, or
$30,000 maximum benefit.

Funding to applicants will be based on a projected calculation of eligible interest calculated by the financial institution issuing the loan.
Refinancing of existing loans is not eligible.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicant must be:

be new farmers,
have a current Farm Registration,
be at least 19 years of age,
be establishing a new commercial farm or purchasing an interest in an established commercial farm in Nova Scotia for the first time. A commercial farm is defined as a farm business which generates an annual eligible gross agri-business income of $30,000 or more.

Application Steps:

Applicant must:

complete the program funding registration form along with the FarmNext application.

submit to the Programs and Business Risk Management office.

Documentation Needed:

Applicants must submit:

their application and repayment agreement forms within 6 months of loan approval,
a copy of the loan agreement,
their partnership/shareholder agreement,
CRA farming revenue and expenses.

Other Things to Note:

Applications will be accepted for the FarmNext program until funds are exhausted.

Program Contact:

FarmNext Program

21-22_FarmNEXT_Program_Guidelines.pdf