Aquaculture Working Capital Loan Guarantee Program

This program is currently closed.

Amount:

No Fixed Amount

Type of Program:

Loan Guarantee

Description:

The Aquaculture Working Capital Loan Guarantee Program is designed to facilitate improved access to financing for incorporated enterprises operating in or proposing to operate in the finfish industry.

When It Ends:

Closed

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be an incorporated enterprise operating in or proposing to operate in the finfish industry,
be currently involved or proposing to become involved in the commercial scale production of finfish at a Newfoundland and Labrador site licensed and approved by the Department of Fisheries and Aquaculture,
provide a business plan which includes information as requested by Government in the Business Plan Guidelines,
clearly demonstrate, through its business plan a strong potential for sustainable employment opportunities, incremental production and increased sales, and long-term commercial viability,
clearly demonstrate, to the satisfaction of Government, a definite need for Government financial assistance by way of an equity investment; that the equity investment is complementary to and levers to the maximum extent possible other sources of financing; and that the project could not proceed on a commercially viable basis without Government participation,
have all necessary licenses and regulatory approvals, to the satisfaction of Government,
be in good financial and legal standing with Government,
clearly demonstrate that management has the required technical, financial, marketing and managerial expertise for the operation of a commercial-scale aquaculture enterprise,
if an existing operator, have at the date of application a minimum private sector equity position equivalent to 20% of the total assets, evidenced by externally prepared (minimum review engagement) financial statements for the last fiscal year, updated to the date of application if requested by Government,
if the enterprise is a new operation, have a private sector equity investment equivalent to 20% of total program costs.

Application Steps:

Prospective applicants to the Aquaculture Working Capital Loan Guarantee Program should contact the Department of Fisheries and Aquaculture.

Documentation Needed:

The applicant must submit:

a completed application form,
a business plan including ownership, marketing, financial and technical details,
Auditor-prepared financial statements for the past 3 years of operations, if the applicant is an existing operation,
Pro Forma Income Statements and Balance Sheets on a monthly basis for the first year, and on an annual basis for the next 4 years, including all assumptions,
Projected Monthly Cash Flow Statements for the first 5 years of operations, including all assumptions,
a project plan covering a five year period,
other supporting documents.