Aquaculture Capital Equity Program (ACEP)

Amount:

No Fixed Amount

Type of Program:

Investment

Description:

The objective of the Aquaculture Capital Equity Program is to partner with companies to increase production from both hatcheries and marine sites in Newfoundland and Labrador. The program will provide a minimum investment to projects of $250,000 for finfish operations and $100,000 for shellfish to match a private sector cash investment.

Comments on Funding:

ACEP provides a minimum investment of $250,000 for finfish operations and $100,000 for shellfish operations. Applicants must clearly demonstrate the ability to match the requested investment amount.
There is no maximum investment level under ACEP. All reasonable proposals are considered for funding.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be incorporated enterprises operating in or proposing to operate in the finfish or shellfish industry,
be currently involved or proposing to become involved in the commercial scale production of shellfish or finfish at a Newfoundland and Labrador site licensed and approved by the Department of Fisheries, Forestry and Agriculture,
provide a business plan which includes information as requested by Government in the Business Plan Guidelines,
clearly demonstrate, through their business plan a strong potential for sustainable employment opportunities, incremental production and increased sales, and long-term commercial viability,
clearly demonstrate a definite need for Government financial assistance by way of an equity investment; that the equity investment is complementary to and levers to the maximum extent possible other sources of financing; and that the project could not proceed on a commercially viable basis without Government participation,
have all necessary licenses and regulatory approvals, to the satisfaction of Government,
be in good financial and legal standing with Government,
clearly demonstrate that management has the required technical, financial, marketing and managerial expertise for the operation of a commercial-scale aquaculture enterprise,
if existing operators, have at the date of application a minimum private sector equity position equivalent to 20% of the total assets, evidenced by externally prepared (minimum review engagement) financial statements for the last fiscal year, updated to the date of application if requested by Government,
if new operations, have a private sector equity investment equivalent to 20% of total program costs.

Application Steps:

should contact the Director of Aquaculture Development to discuss potential project, and confirm information required by the Department of Fisheries, Forestry and Agriculture to complete an assessment,

submit a proposal package, including a completed and signed application form, and a completed business plan, prepared in accordance with the guidelines contained in the program brochure, to the Director of Aquaculture Development,

meet with Director of Aquaculture Development to discuss the proposed project and projected timeline for decision.

Documentation Needed:

Applicant must submit:

a completed application form,
a business plan including ownership, financial and technical details,
Auditor-prepared financial statements for the past 3 years of operations, if the applicant is an existing operation,
Pro Forma Income Statements and Balance Sheets on a monthly basis for the first year, and on an annual basis for the next 4 years, including all assumptions,
Projected Monthly Cash Flow Statements for the first 5 years of operations, including all assumptions,
a production plan covering a five year period,
other supporting documents.