| |

Future Fisher Program

Amount:

No Fixed Amount

Type of Program:

Grant, In-Kind Support


Description:

The Future Fisher Program provides training and financial assistance to aid new entrant lobster fishers and lobster fishers working towards ownership of a lobster fleet to become better positioned for success in the PEI lobster fishery.

Comments on Funding:

Applicants who have borrowed money from a recognized financial institution to purchase fishing related assets, i.e. chartered bank, Credit Union, or PEI Lending Agency, might be eligible to receive interest relief - up to $3,000 per year for three years for a maximum contribution of $9,000.

Interest relief on loans related to acquiring a lobster license is calculated as follows:

  • Grade 12 or equivalent completed – receive 2% contribution per year on loans up to $150,000, or 
  • Grade 12 or equivalent yet to be completed – receive 1% contribution per year on loans up to $150,000. 

In addition, each applicant is eligible to receive up to $1,000 toward the costs of training initiatives. Assistance for training initiatives will be normally cost-shared between the department and the applicant on a 50- 50 basis.  


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be a resident of PEI, age 18 years or older,
  • have purchased a class ‘A’ lobster license, after January 1, 2009,
  • hold a Class A lobster license, or working towards ownership of one,
  • have yet to purchase a core lobster fishing license (eligible to receive funding towards training initiatives, while in the three-year program).

Application Steps:

1

The applicant must submit his completed application with all relevant documentation.

2

Following submission, the program officer will contact the applicant to discuss his application and related documents.

3

In order to receive funds from the Province of Prince Edward Island, the applicant must first register as a vendor. Once he is approved for the Future Fisher Program, he has to submit a completed the Vendor Registration Form.

Documentation Needed: 

The applicant must submit:

  • a letter from his lending institution outlining the dispersement date as well as terms and conditions of his fishery loan,
  • diploma or grade transcripts if he has Grade 12 or equivalent.
  • certificates of any courses acquired (such as Fishing Master IV OR D.V.S., ROCM, First Aid, SVOP, etc).
  • a completed Vendor Registration Form.

Other Things to Note: 

No other details available.

Similar Posts