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Atlantic Canada Business Grants

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  • Nova Scotia
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  • Prince Edward Island
    • Grants
    • Loans
    • Tax Credits
    • Wage Subsidies

Loan

Fishers Low-Interest Loan

Amount:

$500,000.00

Type of Program:

Loan


Description:

The Fishers Low Interest Loan assists Prince Edward Island fishers experiencing financial difficulties due to the uncertainty surrounding the global markets for this product.  

Comments on Funding:

Funding is a loan with a 4 per cent interest rate for a 5 year term, amortized over a 15 year period, to a maximum loan amount of $500,000. Finance PEI will require a first position security interest over all fishing-related assets including all fishing licenses. Other security deemed necessary by Finance PEI may be required.


When It Ends:

Ongoing

Deadline:

July 31, 2022

Eligibility:

Applicants must: 

  • hold a valid Prince Edward Island-based lobster license during the 2020 fishing year,
  • have a net income on a cash basis for tax purposes of less than $60,000 per year, based on the information contained in the Statement of Fishing Activities, as reported in their 2019 or 2020 income tax filing,
  • be current clients of Finance PEI,
  • be fishers in lobster fishing area 24, 25 and 26A. 

Only fishing-related assets purchased before April 1st, 2020 will be considered as eligible expenses. 

Program Contact:

Fishers Low Interest Loan

Emergency Working Capital Financing

Amount:

$100,000.00

Type of Program:

Loan


Description:

The Emergency Working Capital Financing provides emergency working capital financing to assist PEI’s small business during this unprecedented economic disruption to business, caused by the Covid-19 pandemic. This loan program is to assist qualifying companies maintain normal business operations during these difficult times.  

Comments on Funding:

Funding is up to $100,000 with a fixed interest rate of 4% per annum to be used to assist with fixed operating costs (including payroll, rent, utilities etc) with principal & interest payments deferred for a minimum of 12 months.


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be an existing small businesses (startups not eligible) located and operating in the Province of PEI, and have been generating revenue on PEI,
  • be registered to conduct business within the Province of PEI,
  • have a satisfactory credit rating,
  • not have any defaulted outstanding debt obligation on file in the Province’s Central Default Registry. 

Application Steps:

1

must submit an application and supporting documentation to Finance PEI, 

2

will be issued a Letter of Offer outlining the complete terms and conditions of the loan, if successful.

Documentation Needed: 

​Applicants must submit:

  1. 1
    financial statements for the most recent year end,
  2. 2
    interim financial statements for the current year to date,
  3. 3
    detailed listing of what the loan proceeds will be used for and when funding will be needed,
  4. 4
    statement of personal financial affairs (personal net worth statement) from all applicable shareholders,
  5. 5
    eligible working capital expense worksheet.

Ongoing financial reporting will be required. 

Program Contact:

Emergency Working Capital Financing

Licence Loan Program

  • This program is currently closed.

Amount:

No Fixed Amount

Type of Program:

Loan


Description:

The Licence Loan Program provides funding to eligible independent fishers to purchase a fishing licence or licence and associated gear.

Comments on Funding:

Required deposit for a new entrant licence only or licence and associated gear loan is a minimum of 5%.
Required deposit for a new species licence only or licence and associated gear loan is a minimum of 10%.

A personal guarantee is taken on all loans.
All loans are subject to an Administration Fee, a Mortgage Registration Fee and/or Personal Property Registration Fee (PPR).
Interest rate is set quarterly but is fixed for term of loan.
 


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be a Canadian citizen or a registered Nova Scotian company in good standing,
  • be the age of majority at the time of the application,
  • have a Fishing Masters Class certificate or five years of experience as captain of a vessel,
  • meet Department of Fisheries and Oceans eligibility requirements, if a new entrant.
  • have never held a licence in the commercial fishery (New Entrant), or be current commercial fishery licence holders who wish to diversify into a species for which they have never held a licence (New Species).

Documentation Needed: 

The applicant must submit:

  • the application form,
  • a detailed five year business plan.

Other Things to Note:

Most probably it's the same program as License(s) & Gear Loan.

Program Contact:

Licence Loan Program

Aquaculture Loan Program

  • This program is currently closed.

Amount:

No Fixed Amount

Type of Program:

Loan


Description:

The Aquaculture Loan Program provides loans to develop and sustain aquaculture for finfish, shellfish and seaplants.

Financing is available for: salmonoid seed stock, shellfish seed/spat, collection materials, grow-out equipment and materials, rafts, buoys, floatation devices, anchors, nets, cages for finfish grow-out, small boats, outboard motors and onboard gear handling devices and purchase of existing operations.

Comments on Funding:

Minimum deposit is 10% of requested loan amount.
Security: Chattel mortgage on equipment. Promissory note, personal guarantee and insurance on gear.
All loans are subject to an Administration Fee and a Personal Property Registration (PPR) Fee.
Interest rate is set quarterly but is fixed for term of loan.
 


When It Ends:

Closed

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be a Canadian citizen or a registered Nova Scotian company in good standing,
  • show evidence of competency in aquaculture.

Other Things to Note:

The same program as Aquaculture Loan.

Program Contact:

Aquaculture Loan Program

Startup & Expansion Loans

Amount:

$25,000

Type of Program:

Loan


Description:

The Startup & Expansion Loans are for small and medium-sized businesses run by entrepreneurs of all ages. Recipients get support to develop their business knowledge and skills in marketing, accounting, human resources and business planning. Low-interest loans of up to $25,000 are available, with flexible repayment terms and no penalty for early repayment of the principal.  

Comments on Funding:

Funding ranges from $5,000 to $25,000 with a low interest rate of Prime + 2%, low principal payments and no penalty for early repayment.
All $5,000 loans are interest free for 6 months.
Up to $60,000 of Additional Funding Available Through CEED’s Community Partners.
 


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • entrepreneurs of all ages,
  • businesses registered within the Halifax, Dartmouth and Bedford boundaries. 

Application Steps:

1

Applicants must apply through the online form.

Other Things to Note:

CEED Programs are delivered in partnership with ACOA and the Province of Nova Scotia.

Program Contact:

Startup & Expansion Loans

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