|

New Vessel Construction Loan

ByMaurice

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:

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),
  • 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.

Program Contact:

New Vessel Construction Loan - NSFA

New Vessel Application

Related posts:

Innovate to Opportunity Hiring Incentive
NS Registry of Joint Stocks: Plain English Guide to the RJSC
Nova Scotia Business Registry Search: How to Search NS Registry of Joint Stocks (Step-by-Step)
Nova Scotia Small Business: 2023 Guide to Business in Nova Scotia

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Atlantic Canada to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

Similar Posts

|

PEI Labour Rebate (PLR)

ByMaurice

Amount:No Fixed Amount Type of Program:Rebate Description:The PEI Labour Rebate (PLR) is a refundable labour rebate on incremental job creation. Employment growth must be linked to the development, expansion and/or commercialization of new products, processes, and services that will be sold primarily beyond the borders of PEI. Comments on Funding:The rebate is 25% of eligible…

|

Licence Loan Program

ByMaurice

This program is currently closed. Amount:No Fixed Amount Type of Program:Loan Description:The Licence Loan Program provides funding to eligible independent fishers to purchase a fishing licence or licence and associated gear.Comments on Funding:Required deposit for a new entrant licence only or licence and associated gear loan is a minimum of 5%.Required deposit for a new…

|

Film and Video Tax Credit

ByMaurice

Amount:$5,000,000.00 Type of Program:Tax Credit Description:The Film and Video Tax Credit is a refundable provincial corporate income tax credit and is provided for eligible local film projects at a rate of 40% of eligible local labor costs, but may not exceed 25% of production costs.Comments on Funding:Funding is 40% of eligible local labor costs, but…

|

Women & Youth Lending

ByMaurice

Amount:$25,000 Type of Program:Loan Description:The Women & Youth Lending Program is flexible and designed to assist Indigenous Women and Youth Entrepreneurs to succeed and adaptable to meet their needs. Comments on Funding:Funding is a loan up to $25,000, at a rate of 8% over a maximum 5-year term, with a 5% cash equity recommended. When It…

|

Organic Industry Development Program – Increasing Market Competitiveness Sub-Program

ByMaurice

Amount:$30,000 Type of Program:Grants Description:The Increasing Market Competitiveness Sub-Program supports producers and processors in capturing a larger share of the certified organic market which will increase their profitability.Comments on Funding:Funding is 50% of the eligible program expenses, up to a maximum of $30,000 per year.There is a maximum of $40,000 available for eligible applicants from…

|

PEI Fisheries and Aquaculture Clean Technology Adoption Program (PEIFACTAP)

ByMaurice

This program is currently closed. Amount:No Fixed Amount Type of Program:Grants Description:The Prince Edward Island Fisheries and Aquaculture Clean Technology Adoption Program (PEIFACTAP) provides funding to Indigenous organizations, commercial enterprises and industry or professional associations in the fisheries and aquaculture sectors of PEI to adopt and implement market-ready clean technologies, processes or sustainable practices to…