Loan

Fishers Low-Interest Loan

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:

July 31, 2022

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.

Program Contact:

Fishers Low Interest Loan

Emergency Working Capital Financing

Amount:

$100,000.00

Type of Program:

Loan

Description:

The Emergency Working Capital Financing provides emergency working capital financing to assist PEI’s small business during this unprecedented economic disruption to business, caused by the Covid-19 pandemic. This loan program is to assist qualifying companies maintain normal business operations during these difficult times.

Comments on Funding:

Funding is up to $100,000 with a fixed interest rate of 4% per annum to be used to assist with fixed operating costs (including payroll, rent, utilities etc) with principal & interest payments deferred for a minimum of 12 months.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be an existing small businesses (startups not eligible) located and operating in the Province of PEI, and have been generating revenue on PEI,
be registered to conduct business within the Province of PEI,
have a satisfactory credit rating,
not have any defaulted outstanding debt obligation on file in the Province’s Central Default Registry.

Application Steps:

must submit an application and supporting documentation to Finance PEI,

will be issued a Letter of Offer outlining the complete terms and conditions of the loan, if successful.

Documentation Needed:

Applicants must submit:

1
financial statements for the most recent year end,
2
interim financial statements for the current year to date,
3
detailed listing of what the loan proceeds will be used for and when funding will be needed,
4
statement of personal financial affairs (personal net worth statement) from all applicable shareholders,
5
eligible working capital expense worksheet.

Ongoing financial reporting will be required.

Program Contact:

Emergency Working Capital Financing

Licence Loan Program

This program is currently closed.

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Licence Loan Program provides funding to eligible independent fishers to purchase a fishing licence or licence and associated gear.

Comments on Funding:

Required deposit for a new entrant licence only or licence and associated gear loan is a minimum of 5%.
Required deposit for a new species licence only or licence and associated gear loan is a minimum of 10%.

A personal guarantee is taken on all loans.
All loans are subject to an Administration Fee, a Mortgage Registration Fee and/or Personal Property Registration Fee (PPR).
Interest rate is set quarterly but is fixed for term of loan.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be a Canadian citizen or a registered Nova Scotian company in good standing,
be the age of majority at the time of the application,
have a Fishing Masters Class certificate or five years of experience as captain of a vessel,
meet Department of Fisheries and Oceans eligibility requirements, if a new entrant.
have never held a licence in the commercial fishery (New Entrant), or be current commercial fishery licence holders who wish to diversify into a species for which they have never held a licence (New Species).

Documentation Needed:

The applicant must submit:

the application form,
a detailed five year business plan.

Other Things to Note:

Most probably it's the same program as License(s) & Gear Loan.

Program Contact:

Licence Loan Program

Aquaculture Loan Program

This program is currently closed.

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Aquaculture Loan Program provides loans to develop and sustain aquaculture for finfish, shellfish and seaplants.

Financing is available for: salmonoid seed stock, shellfish seed/spat, collection materials, grow-out equipment and materials, rafts, buoys, floatation devices, anchors, nets, cages for finfish grow-out, small boats, outboard motors and onboard gear handling devices and purchase of existing operations.

Comments on Funding:

Minimum deposit is 10% of requested loan amount.
Security: Chattel mortgage on equipment. Promissory note, personal guarantee and insurance on gear.
All loans are subject to an Administration Fee and a Personal Property Registration (PPR) Fee.
Interest rate is set quarterly but is fixed for term of loan.

When It Ends:

Closed

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be a Canadian citizen or a registered Nova Scotian company in good standing,
show evidence of competency in aquaculture.

Other Things to Note:

The same program as Aquaculture Loan.

Program Contact:

Aquaculture Loan Program

Startup & Expansion Loans

Amount:

$25,000

Type of Program:

Loan

Description:

The Startup & Expansion Loans are for small and medium-sized businesses run by entrepreneurs of all ages. Recipients get support to develop their business knowledge and skills in marketing, accounting, human resources and business planning. Low-interest loans of up to $25,000 are available, with flexible repayment terms and no penalty for early repayment of the principal.

Comments on Funding:

Funding ranges from $5,000 to $25,000 with a low interest rate of Prime + 2%, low principal payments and no penalty for early repayment.
All $5,000 loans are interest free for 6 months.
Up to $60,000 of Additional Funding Available Through CEED’s Community Partners.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

entrepreneurs of all ages,
businesses registered within the Halifax, Dartmouth and Bedford boundaries.

Application Steps:

Applicants must apply through the online form.

Other Things to Note:

CEED Programs are delivered in partnership with ACOA and the Province of Nova Scotia.

Program Contact:

Startup & Expansion Loans