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:
Application Steps:
The applicant must submit his completed application with all relevant documentation.
Following submission, the program officer will contact the applicant to discuss his application and related documents.
Documentation Needed:
The applicant must submit:
Program Contact:
