Atlantic Canada Business Grants

Fishers

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​​​

Fisheries Loans

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Fisheries Loans provide financial assistance in the form of loans to new or existing commercial fishers for the purchase of fishing licenses, quotas, engines or equipment related to fisheries, new or used vessels or for making major repairs to the hull or engine of a vessel. The Department of Agriculture, Aquaculture and Fisheries (DAAF) acts as a complementary lender, so clients interested in a DAAF loan or loan guarantee must first seek financing from a private lender.

Comments on Funding:

​Interest rates are determined on a case by case basis. Repayment terms are matched to the cash flow of the project as supported by the business plan. Options include interest only payments or principal and interest payments. New entrants may be eligible for lower interest rates and equity requirements.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  • be a sole proprietorship, a partnership, an incorporated company or to be incorporated, a cooperative from New Brunswick, or a new entrant (defined as someone who has owned a farm for five years or less),
  • have first seek financing from a private lender,
  • use the financing for: 
  • the purchase of a new or used vessel,
  • the purchase of an engine or equipment related to fisheries,
  • making major repairs to the hull or engine of a vessel,
  • the purchase of a commercial fishing license or obtain a quota,
  • invest, or have invested, a minimum 10% (new entrants 5%) equity into the project,
  • provide acceptable security for the proposed financing,
  • have a business plan. 

Documentation Needed: 

Applicants must submit:

  1. 1
    a completed application form, 
  2. 2
    a business plan which includes:
  • a description of business and project,
  • financial information (minimum of three years of projected income statements and cash flow statements and previous three years financial statements or income tax returns (if existing operation)),
  • a description of management plan,
  • a marketing plan,
  • productions details. 

Program Contact:

​Fisheries Loan and Loan Guarantees

​FISHERIES DEVELOPMENT BOARD​​​