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Fishers Low-Interest Loan

by Maurice | February 6, 2023

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. 

Only fishing-related assets purchased before April 1st, 2020 will be considered as eligible expenses. 

Application Steps:

No specific steps have been identified.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

The previous intake deadline was on July 15, 2022.
Published date: July 15, 2020

Program Contact:

Fishers Low Interest Loan

Related posts:

Starting a Business in PEI: Step-by-Step Guide for Prince Edward Island Entrepreneurs
Prince Edward Island Small Business: Complete Guide for Entrepreneurs
Incorporating a Business in Prince Edward Island: Step-by-Step Guide for New Entrepreneurs
Registering a Business in PEI: Step-by-Step Guide for Prince Edward Island Entrepreneurs

About Maurice

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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