Future Fisher Program
$200,000
Grant, Loan
Description:
The Future Fisher Program program offers training and financial assistance to aid new entrant lobster fishers to become better positioned for success in the PEI lobster fishery.
Comments on Funding:
If you have borrowed money from a recognized financial institution to purchase fishing related assets, i.e., chartered bank, Credit Union, or PEI Lending Agency, you may be eligible to receive interest relief – up to $4,000 per year for three years for a maximum contribution of $12,000.
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 $200,000
OR
Grade 12 or equivalent yet to be completed – receive 1% contribution per year on loans up to $200,000
In addition, each applicant is eligible to receive up to $1,000 toward the costs of training initiatives. Assistance for training initiatives will normally be cost-shared between the department and the applicant on a 50-50 basis.
Continuous Intake
Eligibility:
Applicants must:
1. Be a resident of Prince Edward Island and be a minimum of 18 years of age.
2. Have purchased a Class A lobster license after January 1, 2009, (as recognized by the PEI Provincial Department of Fisheries) and have not held a Class A lobster license in previous years.
3. Only one applicant will be accepted per fleet under the Future Fisher Program, and this shall be the license holder.
Application Steps:
Applicants must submit a completed application with all relevant documentation.
a. Download the application form, or
b. You will have to submit supplementary documentation. If completing online through the webform, have these documents completed before beginning the online application and you can attach them to your online submission.
i. Vendor registration form.
ii. Letter from lending institution (see below “What do I need to complete the online form?” for content requirements)
c. Click on the button below to complete the application and upload documents online. Following submission, the program officer will contact you to discuss your application and related documents.
Documentation Needed:
Applicants must submit:
1. Detailed contact information
2. License information
a. Lobster Fishing Area (LFA)
b. Port of purchase
c. Home port
3. Financing information including:
a. Lending institution name and branch location
b. Loan officer/account manager
c. Loan number
d. Exact name of loan holder(s)
e. Loan amount
f. Interest rate
g. Payment amount
h. Payment frequency
i. Term
j. Amortization
k. Disbursement date
l. A letter from your lending institution outlining all the information listed above as well as terms and conditions of your fishery loan.
4. Relevant training courses acquired, including:
a. Fishing Master IV
b. Domestic Vessel Safety (DVS)
c. Small Vessel Operator Proficiency (SVOP)
d. First Aid
e. Restricted Operator’s Certificate – Maritime Commercial (ROC-MC)
5. Education Status – If you have Grade 12 or equivalent, upload diploma or grade transcripts.
6. Vendor Registration Form and void cheque
About the author
Maurice