Atlantic Canada Business Grants

Licence Loan Program

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.

Program Contact:

Licence Loan Program

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