Modifications to a Vessel Loan

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

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:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must:

be active fishers/sea farmers and new entrants in Nova Scotia,
make improvements to their vessel.

Application Steps:

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

Documentation Needed:

Applicants must submit:

1
the application form,
2
full Personal Tax Returns & Notices of Assessment for last 3 years of loan applicant as well as shareholders and guarantors (if applicable),
3
a confirmation from Canada Revenue Agency that there are no personal income taxes owing,
4
company Financial Statements for the past three years (if applying as a company) ,
5
photocopies of two pieces of government ID (birth certificate, passport, driver’s license),
6
quote(s) from all suppliers,
7
the confirmation of Fishing Master Certification (ie. FM 4, SVOP, etc.),
8
detailed bank statements for the previous 3 months (including chequing/savings accounts, line(s) of credit, etc.),
9
the purchase & Sale Agreement (signed by all parties),
10
a completed Appendix C: Engine, Vessel Upgrades, Modifications.