Atlantic Canada Business Grants

New Vessel Construction Loan

Amount:

No Fixed Amount

Type of Program:

Grants & Loan

Description:

The New Vessel Construction Loan provides financial support to fishers and sea farmers in Nova Scotia, helping them plan their new vessel and build a customized vessel to meet their needs.  

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:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must:

  • be active fishers/sea farmers and new entrants in Nova Scotia,
  • build a customized vessel to meet their needs.

Application Steps:

1

Applicants must submit a completed application form to Nova Scotia Fisheries and Aquaculture Loan Board.

Documentation Needed: 

Applicants must submit:

  • the application form,
  • full Personal Tax Returns and the Notices of Assessment for the last 3 years of all Guarantor(s) and/or Shareholder(s),
  • the company financial statements for the last 3 years,
  • the copy of company share certificates,
  • an applicant confirmation of all fishing licenses currently held (print out) via National Online Licensing System,
  • a “Bill of Materials” from this application signed and sealed by the boat builder and by the Applicant plus the Quote(s) from builder or complete “Quote Details” section of the application,
    Builder’s Risk Insurance
  • a life insurance,
  • a confirmation from Canada Revenue Agency that there are no outstanding taxes owed to Canada Revenue Agency either corporate and/or personal,
  • a printout of Bank Confirmation,
  • photocopies of two (2) pieces of government ID (Birth Certificate, Driver’s License).

Other Things to Note:

All applications are subject to an Administration Fee and a Mortgage Registration Fee.

Program Contact:

​New Vessel Construction Loan - NSFA

​New Vessel Loan Application​​​

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