Atlantic Canada Business Grants

License(s) & Gear Loan

Amount:

No Fixed Amount

Type of Program:

Grants & Loan

Description:

The License(s) & Gear Loan provides funding to new entrants, commercial fishers or clients looking to re-enter the industry for purchasing licenses (stacking licenses or adding new species). 

Comments on Funding:

The Licenses & Gear Loan comes with all the flexibility of other loans. Repayment can be amortized over any period from 1-20 years.
Licenses and Gear loans are primarily secured through a General Security Agreement, where the claim over the licenses is acknowledged by the Licensing department with Fisheries and Oceans Canada.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must be:

  • active fishers/sea farmers and new entrants in Nova Scotia,
  • purchasing licenses or gear.

Application Steps:

1

Applicants must submit a completed application form to Nova Scotia Fisheries and Aquaculture Loan Board.

Documentation Needed: 

Applicants must submit:

  • the application form,
  • full Personal Tax Returns and the Notices of Assessment for the last 3 years of all Guarantor(s) and/or Shareholder(s),
  • a confirmation from Canada Revenue Agency that there are no personal income taxes owing, 
  • company Financial Statements for the past three years (if applying as a company) ,
  • photocopies of two pieces of government ID (birth certificate, passport, driver’s license), 
  • the confirmation of Fishing Master Certification (ie. FM 4, SVOP, etc.), 
  • detailed bank statements for the previous 3 months (including chequing/savings accounts, line(s) of credit, etc.), 
  •  the purchase & Sale Agreement (signed by all parties),

Other Things to Note:

All applications are subject to an Administration Fee and a Mortgage Registration Fee.

Program Contact:

​License(s) & Gear Loan - NSFA

​Licenses and Used Vessel_0.pdf​​​

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