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Aquaculture Loans and Loan Guarantees

Amount:

No Fixed Amount

Type of Program:

Loan & Loan Guarantee


Description:

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.


When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  • be a sole proprietorship, a partnership, an incorporated company or to be incorporated, a cooperative from New Brunswick, or a new entrant (defined as someone who has owned a farm for five years or less),
  • have first seek financing from a private lender, 
  • use the financing for:
  • purchasing a new or used vessel,
  • undertaking activities related to aquaculture,
  • purchasing an engine or equipment related to aquaculture,
  • making major repairs to the hull or engine of a vessel.
  • invest, or have invested, a minimum 10% (new entrants 5%) equity in the business,
  • provide acceptable security for the proposed financing,
  • have a business plan.

Documentation Needed: 

Applicants must submit:

  1. 1
    a completed application form,
  2. 2
    a business plan which includes:
  • a description of business and project,
  • financial information (minimum of three years of projected income statements and cash flow statements and previous three years financial statements or income tax returns (if existing operation)),
  • a description of management plan,
  • a marketing plan,
  • productions details. 

Program Contact:

​Aquaculture Loans and Loan Guarantees

​FISHERIES DEVELOPMENT BOARD​​​

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