No Fixed Amount
Type of Program:
The Fisheries Loans provide financial assistance in the form of loans to new or existing commercial fishers for the purchase of fishing licenses, quotas, engines or equipment related to fisheries, new or used vessels or for making major repairs to the hull or engine of a vessel. The Department of Agriculture, Aquaculture and Fisheries (DAAF) acts as a complementary lender, so clients interested in a DAAF loan or loan guarantee must first seek financing from a private lender.
Comments on Funding:
Interest rates are determined on a case by case basis. Repayment terms are matched to the cash flow of the project as supported by the business plan. Options include interest only payments or principal and interest payments. New entrants 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:
The Fisheries Loans (New Entrant Loan) and The Fisheries Loans no longer have separate program descriptions, so I've comprised them here as well.