Atlantic Canada Business Grants

Fisheries and Aquaculture

Future Fisher Program

Amount:

No Fixed Amount

Type of Program:

Interest Relief

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.

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).

Program Contact:

Apply for Future Fisher Program

​af_futurefisher_application.pdf​​​

PEI Fisheries and Aquaculture Clean Technology Adoption Program (PEIFACTAP)

  • This program is currently closed.

Amount:

No Fixed Amount

Type of Program:

Grants

Description:

The Prince Edward Island Fisheries and Aquaculture Clean Technology Adoption Program (PEIFACTAP) provides funding to Indigenous organizations, commercial enterprises and industry or professional associations in the fisheries and aquaculture sectors of PEI to adopt and implement market-ready clean technologies, processes or sustainable practices to reduce the potential for negative environmental impacts from day-to-day activities. PEIFACTAP participants can apply either as a Fisher/Harvester, Grower or as a Processor.

Comments on Funding:

Total government funding cannot exceed 90% of total eligible projects costs and consists of:

  • a minimum of 10%, up to a maximum of $20,000, cash from PEIFACTAP,
  • up to 75% cash from Department of Fisheries and Oceans Canada (DFO) FACTAP,
  • optional 5% cash or in-kind contribution from other federal or provincial government sources (more if PEIFACTAP reached the maximum of $20,000 and/or if DFO FACTAP is less than 75%).

The applicant is responsible for a minimum of 10% cash of total eligible project costs (more if total government funding is less than 90%).

Financial leverage from other sources outside PEIFACTAP and DFO FACTAP is a key consideration. Projects with multiple and greater sources of funding may rank higher than those without.

When It Ends:

Closed

Deadline:

March 31, 2021

Eligibility:

The applicant must:

  • be an Indigenous organization (group, association, or community),
  • be a commercial enterprise (company or self-employed),
  • be an industry or professional association representing a sector of the seafood industry,
  • be currently active in, or support activities related to, the fish and seafood sectors including: wild capture fisheries, aquaculture, and/or processing of fisheries products.

Application Steps:

The applicant must go through a two-step approach to apply for funding (i.e., PEIFACTAP and DFO FACTAP).

1

The Expression of Interest Process allows the applicant to work with the DFC and the DFO to discuss the project proposal and ask questions in relation to the program while will allow the PEIFACTAP to assess if the applicant meets the objectives and eligibility criteria. Once the Expression of Interest form has been received and reviewed by the DFC, a letter of financial support will be provided if the DFC deems the project to contribute to program outcomes. The DFC will then advise the applicant to proceed with 

2

The Project Proposal Application Process entails the email submission of the already completed Expression of Interest form, the PEIFACTAP letter of financial support, a completed Project Proposal Template application and any additional documentation required from the Additional Document Appendices in the Project Proposal Template application to the DFO Regional Project Coordinator. If the project is approved for funding by the DFO, a contribution agreement will be provided. Only once the DFO contribution agreement is signed and a copy provided to the DFC, will the DFC provide a contract and letter of offer to allocate funding as described in the letter of financial support.

Documentation Needed: 

​The applicant must submit:

  •  the Expression of Interest form, 
  • a completed Project Proposal Template application,
  • any additional documentation required. 

Other Things to Note:

Funding will expire March 31, 2021, and all projects must be completed by that time.
The program is not listed among Innovation PEI programs. However, the government webpage, which has not been updated since August 1, 2019, is still available. 

Program Contact:

​PEI Fisheries and Aquaculture Clean Technology Adoption Program

​PRINCE EDWARD ISLAND FISHERIES AND AQUACULTURE CLEAN TECHNOLOGY ADOPTION PROGRAM​​​

Live Lobster Holding Assistance

  • This program is currently closed.

Amount:

$50,000

Type of Program:

Grants

Description:

The Live Lobster Holding Assistance is designed to address space issues and to manage the market supply of live and processed lobsters on PEI. Through this program, government can provide financial help for the building and growth of land based live lobster holding facilities.

Comments on Funding:

Funding is a 10% non-repayable contribution towards eligible project costs, to a maximum of $50,000 per company, during a 12 month period. 

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  • existing participants in the PEI Lobster Fishery as a processor, commercial fisher or buyer,
  • a registered sole proprietorship, partnership, cooperative or corporation. 

Application Steps:

1

Applicant must submit their application form and supporting documents before any financial or legal commitment is made on the project.

2

Only one application per project will be considered and any second or subsequent applications will not be accepted while an approved project is in progress. 

Documentation Needed: 

The applicant must submit:

  • an application form,
  • a comprehensive business plan that supports the feasibility of the proposed system, includes market research, and identifies the overall effect the project will have on the PEI Lobster Industry

Other Things to Note:

The program is not listed among Innovation PEI programs. 

Program Contact:

All Programs - Innovation PEI

Fisheries Loan Guarantee Program

Amount:

$3,000,000

Type of Program:

Loan Guarantee

Description:

The Fisheries Loan Guarantee Program supports the development of the province's independent fish harvesting industry by providing a government guarantee on loans through local chartered banks for the construction or purchase of marine vessels and/or to purchase new engines and fishing equipment for the improvement, rebuilding or alteration of existing vessels. Loans may also be approved to refinance loans previously obtained from fish processors for fixed asset costs.

Comments on Funding:

The program offers loan guarantees for combining of enterprises up to $3 million; vessel-related items up to $2 million, and license acquisitions up to $1,5 million.
The Provincial Government’s guarantee can provide up to 100% of an outstanding loan.
Guaranteed loans are offered at the financial institution prime rate, as negotiated between the harvester and the lender, to a maximum of prime plus 2% or 2.5%, depending on the term of the loan.
10-15% down payment and adequate security are required. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be entities, individuals or groups,
  • be a Canadian citizen/entity and a resident of Newfoundland and Labrador,
  • harvesters must be registered full time as certified by the Professional Fish Harvesters Certification Board and eligible to hold a commercial fishing license,
  • have a favorable credit record and demonstrate commercial viability, including the ability to repay the loan.

Application Steps:

1

Applicants must apply directly to the financial institution, which in turn will request the guarantee from the Provincial Government.

Documentation Needed:

Applicants must submit the Fisheries Loan Guarantee Application Form.

Program Contact:

​Fisheries Loan Guarantee Program

​Fisheries Loan Guarantee Application​​​

​fisheries_loan_insert.pdf​​​

Aquaculture Working Capital Loan Guarantee Program

  • This program is currently closed.

Amount:

No Fixed Amount

Type of Program:

Loan Guarantee

Description:

The Aquaculture Working Capital Loan Guarantee Program is designed to facilitate improved access to financing for incorporated enterprises operating in or proposing to operate in the finfish industry.

When It Ends:

Closed

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be an incorporated enterprise operating in or proposing to operate in the finfish industry,
  • be currently involved or proposing to become involved in the commercial scale production of finfish at a Newfoundland and Labrador site licensed and approved by the Department of Fisheries and Aquaculture,
  • provide a business plan which includes information as requested by Government in the Business Plan Guidelines,
  • clearly demonstrate, through its business plan a strong potential for sustainable employment opportunities, incremental production and increased sales, and long-term commercial viability,
  • clearly demonstrate, to the satisfaction of Government, a definite need for Government financial assistance by way of an equity investment; that the equity investment is complementary to and levers to the maximum extent possible other sources of financing; and that the project could not proceed on a commercially viable basis without Government participation,
  • have all necessary licenses and regulatory approvals, to the satisfaction of Government,
  • be in good financial and legal standing with Government,
  • clearly demonstrate that management has the required technical, financial, marketing and managerial expertise for the operation of a commercial-scale aquaculture enterprise,
  • if an existing operator, have at the date of application a minimum private sector equity position equivalent to 20% of the total assets, evidenced by externally prepared (minimum review engagement) financial statements for the last fiscal year, updated to the date of application if requested by Government,
  • if the enterprise is a new operation, have a private sector equity investment equivalent to 20% of total program costs.

Application Steps:

1

Prospective applicants to the Aquaculture Working Capital Loan Guarantee Program should contact the Department of Fisheries and Aquaculture.

Documentation Needed: 

The applicant must submit:

  • a completed application form, 
  • a business plan including ownership, marketing, financial and technical details,
  • Auditor-prepared financial statements for the past 3 years of operations, if the applicant is an existing operation,
  • Pro Forma Income Statements and Balance Sheets on a monthly basis for the first year, and on an annual basis for the next 4 years, including all assumptions,
  • Projected Monthly Cash Flow Statements for the first 5 years of operations, including all assumptions,
  • a project plan covering a five year period,
  • other supporting documents.

Other Things to Note:

The program is not listed among programs and services of the Fisheries, Forestry and Agriculture department.

Program Contact:

Programs and Services