No Fixed Amount
Type of Program:
The Modifications to a Vessel Loan provides financial support to fishers and sea farmers in Nova Scotia, helping them make improvements to a vessel (lengthening and widening, complete rebuilds, new electronics and fixed equipment, and fiber glassing existing wooden boats) in order to increase efficiency.
Comments on Funding:
The loans have flexible repayment schedule to fit the cash flow of the business (annual, semi-annual and in some cases, interest only payments for certain periods of time).
A Builder's mortgage over the new vessel is the primary security for the loan. The mortgage claim is registered with Transport Canada. Additional security over fishing licenses is taken through a General Security Agreement.
When It Ends:
Applicants must submit a completed application form to Nova Scotia Fisheries and Aquaculture Loan Board.
Applicants must submit:
Other Things to Note:
All applications are subject to an Administration Fee and a Mortgage Registration Fee.