No Fixed Amount
Type of Program:
The Modifications to a Vessel Loan provides financial support to fishers and sea farmers in Nova Scotia, helping them make improvements to a vessel (lengthening and widening, complete rebuilds, new electronics and fixed equipment, and fiber glassing existing wooden boats) in order to increase efficiency.
Comments on Funding:
The loans have flexible repayment schedule to fit the cash flow of the business (annual, semi-annual and in some cases, interest only payments for certain periods of time). The repayment period can be from 1 to 20 years.
A Builder's mortgage over the new vessel is the primary security for the loan. The mortgage claim is registered with Transport Canada. Additional security over fishing licenses is taken through a General Security Agreement.
When It Ends:
Applicants must submit a completed application form to Nova Scotia Fisheries and Aquaculture Loan Board.
Applicants must submit:
- 1the application form,
- 2full Personal Tax Returns & Notices of Assessment for last 3 years of loan applicant as well as shareholders and guarantors (if applicable),
- 3a confirmation from Canada Revenue Agency that there are no personal income taxes owing,
- 4company Financial Statements for the past three years (if applying as a company) ,
- 5photocopies of two pieces of government ID (birth certificate, passport, driver’s license),
- 6quote(s) from all suppliers,
- 7the confirmation of Fishing Master Certification (ie. FM 4, SVOP, etc.),
- 8detailed bank statements for the previous 3 months (including chequing/savings accounts, line(s) of credit, etc.),
- 9the purchase & Sale Agreement (signed by all parties),
- 10a completed Appendix C: Engine, Vessel Upgrades, Modifications.
Other Things to Note:
All applications are subject to an Administration Fee and a Mortgage Registration Fee.