No Fixed Amount
Type of Program:
Loan & Loan Guarantee
The Department of Agriculture, Aquaculture and Fisheries (DAAF) provides repayable loans and loan guarantees to promote development of the aquaculture sector as a complementary lender. DAAF will work with other lenders to facilitate succession and new development of viable projects, such as: purchasing of new or used vessels, undertaking activities related to aquaculture, purchasing an engine or equipment related to aquaculture, or making major repairs to the hull or engine of a vessel.
Comments on Funding:
The financial assistance comes as a direct loan or a loan guarantee.
There is a loan guarantee fee of 1.5 % of the amount guaranteed, paid at the beginning of each year.
The applicant must demonstrate a minimum 10% (new entrants 5%) equity into the project. The department may require a higher equity level based on the risk of the project.
New entrants, defined as someone who has owned a farm for five years or less, may be eligible for lower interest rates and equity requirements.
When It Ends:
The applicant must:
No specific steps have been identified.
Applicants must submit:
- 1a completed application form,
- 2a business plan which includes:
Other Things to Note:
No other details available.