Atlantic Canada Business Grants

New Vessel Construction Loan

Amount:

No Fixed Amount

Type of Program:

Grants & Loan

Description:

The New Vessel Construction Loan provides financial support to fishers and sea farmers in Nova Scotia, helping them plan their new vessel and build a customized vessel to meet their 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:

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),
  • 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),
  • 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.

Other Things to Note:

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

Program Contact:

​New Vessel Construction Loan - NSFA

​New Vessel Application​​​

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