Atlantic Canada Business Grants

Department of Fisheries & Communities

Fishers Low-Interest Loan

by |

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