Fishers Low-Interest Loan

Amount:

$500,000.00

Type of Program:

Loan

Description:

The Fishers Low Interest Loan assists Prince Edward Island fishers experiencing financial difficulties due to the uncertainty surrounding the global markets for this product.

Comments on Funding:

Funding is a loan with a 4 per cent interest rate for a 5 year term, amortized over a 15 year period, to a maximum loan amount of $500,000. Finance PEI will require a first position security interest over all fishing-related assets including all fishing licenses. Other security deemed necessary by Finance PEI may be required.

When It Ends:

Ongoing

Deadline:

Next deadlines to be determined

Eligibility:

Applicants must:

hold a valid Prince Edward Island-based lobster license during the 2020 fishing year,
have a net income on a cash basis for tax purposes of less than $60,000 per year, based on the information contained in the Statement of Fishing Activities, as reported in their 2019 or 2020 income tax filing,
be current clients of Finance PEI,
be fishers in lobster fishing area 24, 25 and 26A.