New Vessel Construction Loan

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The New Vessel Construction Loan helps fishers plan their new vessel to their specific needs.

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).

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,
build a customized vessel to meet their needs.

Application Steps:

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),
the company financial statements for the last 3 years,
a confirmation from Canada Revenue Agency that there are no personal income taxes owed to Canada Revenue Agency either corporate and/or personal, Certificate, Driver’s License, Passport),
Photocopies of two pieces of government ID (Birth Certificate, Driver’s License, Passport),
confirmation of Fishing Master Certification,
Detailed bank statements for the previous 3 months (including chequing/savings accounts, line(s) of credit, etc.),
Purchase & Sale Agreement (signed by all parties),
a completed copy of Appendix A: “Bill of Materials” signed and sealed by the boat builder and by the Applicant,
specifications from builder or Appendix B and quotes for main engine, electronics and hydraulics.