Harvester Enterprise Loan Program – Down Payment Loans
$450,000.00
Loan
Description:
Down Payment Loans are available for the purpose of meeting the down payment requirements of accessing a loan from a financial institution for eligible activities. Borrowers typically must provide down payments of a minimum of 10 per cent of overall costs for vessel acquisition and construction, and a minimum of 15 per cent for all other purposes.
Continuous Intake
Eligibility:
Applicants must:
1. Be a Canadian citizen/entity and a resident of Newfoundland and Labrador.
2. Be registered as a full time harvester as certified by the Professional Fish
Harvesters Certification Board and be eligible to hold a commercial fishing
license
3. Have a favourable credit record and demonstrate commercial viability, including
the ability to repay the loan(s).
4. Remain in good standing with both the Government of Newfoundland and
Labrador as well as the financial institution.
5. Be deemed eligible for financing from the financial institution.
6. Pledge security deemed sufficient by both the Government of Newfoundland and
Labrador and the financial institution.
Application Steps:
Applicants must:
1. Applications form available on the Provincial Government website (Harvester
Enterprise Loan Program – Industry, Energy and Technology ).
2. Applicant must select the program they are applying form. The application is a fillable form, and allows space for harvester and fishery information, project description, financial and employment history, as well as a net worth statement.
3. Completed in full, including a signature from the applicant, to be eligible for any aspect of the Program.
4. Formal application is made directly to the applicant’s financial institution, which in turn will submit the application to the Department to open the file and assign an account officer.
Before a full assessment can be completed, the financial institution must also collect and
submit all relevant documentation necessary to the Department, as per the checklist in
Annex A.
5. Applications that are assessed positively by the Department will be submitted to the IBIC
Board of Directors for approval. Once a decision has been made, the financial institution will be notified by IET. If the applicant also applied for the down payment loan and/or interest rebate then IET will also notify the applicant directly.
Documentation Needed:
Applicants must submit:
1. Good standing with the Government of Newfoundland and Labrador;
2. Registered security
3. Financial agreements
About the author
Maurice