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Used Vessel Purchase Loan

ByMaurice

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Used Vessel Purchase Loan provides funding to fishers and sea farmers in Nova Scotia to purchase a used vessel. 

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) and repayment periods 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,
  • purchase a used vessel.

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),
  •  a confirmation from Canada Revenue Agency that there are no personal income taxes owing, 
  • the company Financial Statements for the past three years (if applying as a company) ,
  • photocopies of two pieces of government ID (birth certificate, passport, driver’s license), 
  • the confirmation of Fishing Master Certification (ie. FM 4, SVOP, etc.),
  • detailed bank statements for the previous 3 months (including chequing/savings accounts, line(s) of credit, etc.),
  • the purchase & Sale Agreement (signed by all parties),

Program Contact:

Used Vessel Purchase Loan - NSFA

Used 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.

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