Used Vessel Purchase Loan

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:

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),