Fisheries Loans - Atlantic Canada Business Grants

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Fisheries Loans provide financial assistance in the form of loans to new or existing commercial fishers. Direct loans may be provided to finance viable projects for the construction, purchase or repairs of commercial fishing vessels, as well as for the replacement of motors and fishing equipment.

Comments on Funding:

Funding is in the form of a direct loan and the interest rates are:

Prime + 3.5% for equity investments of 29% or less,
Prime + 2.5% for equity investments of 30% to 39%,
Prime + 1.5% for equity investments of 40% or more.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

be a new or existing New Brunswick commercial fisher organized as a sole proprietorship, a partnership, an incorporated company or to be incorporated, or a cooperative,
have acceptable knowledge of fishing and business skills, and an acceptable credit history,
invest, or have invested, an acceptable amount of equity in the business (typically 20% of the total project),
provide acceptable security for the proposed financing,
have a business plan that shows reasonable chances of viability and that demonstrates that a demand exists for the product(s),
work on a project that fits with the province’s sector strategies (in terms of impact on marine resources, jobs, export sales, markets, etc.).

Documentation Needed:

Applicants must submit:

a completed application form,
a business plan.

Program Contact:

Fisheries Loans

FISHERIES DEVELOPMENT BOARD

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