Nova Scotia Fisheries and Aquaculture Loan Board

License(s) & Gear Loan

Amount:

No Fixed Amount

Type of Program:

Grants & Loan

Description:

The License(s) & Gear Loan provides funding to new entrants, commercial fishers or clients looking to re-enter the industry for purchasing licenses (stacking licenses or adding new species).

Comments on Funding:

The Licenses & Gear Loan comes with all the flexibility of other loans. Repayment can be amortized over any period from 1-20 years.
Licenses and Gear loans are primarily secured through a General Security Agreement, where the claim over the licenses is acknowledged by the Licensing department with Fisheries and Oceans Canada.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must be:

active fishers/sea farmers and new entrants in Nova Scotia,
purchasing licenses or gear.

Application Steps:

Applicants must submit a completed application form to Nova Scotia Fisheries and Aquaculture Loan Board.

Documentation Needed:

Applicants must submit:

the application form,
full Personal Tax Returns and the Notices of Assessment for the last 3 years of all Guarantor(s) and/or Shareholder(s),
a confirmation from Canada Revenue Agency that there are no personal income taxes owing,
company Financial Statements for the past three years (if applying as a company) ,

photocopies of two pieces of government ID (birth certificate, passport, driver’s license),
the confirmation of Fishing Master Certification (ie. FM 4, SVOP, etc.),
detailed bank statements for the previous 3 months (including chequing/savings accounts, line(s) of credit, etc.),
the purchase & Sale Agreement (signed by all parties),

Other Things to Note:

All applications are subject to an Administration Fee and a Mortgage Registration Fee.

Program Contact:

License(s) & Gear Loan - NSFA

Licenses and Used Vessel_0.pdf

Used Vessel Purchase Loan

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Used Vessel Purchase Loan provides funding to fishers and sea farmers in Nova Scotia to purchase a used vessel.

Comments on Funding:

The loans have flexible repayment schedule to fit the cash flow of the business (annual, semi-annual and in some cases, interest only payments for certain periods of time) and repayment periods from 1 to 20 years.
A Builder's mortgage over the new vessel is the primary security for the loan. The mortgage claim is registered with Transport Canada. Additional security over fishing licenses is taken through a General Security Agreement.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must:

be active fishers/sea farmers and new entrants in Nova Scotia,
purchase a used vessel.

Application Steps:

Applicants must submit a completed application form to Nova Scotia Fisheries and Aquaculture Loan Board.

Documentation Needed:

Applicants must submit:

the application form,
full Personal Tax Returns and the Notices of Assessment for the last 3 years of all Guarantor(s) and/or Shareholder(s),
a confirmation from Canada Revenue Agency that there are no personal income taxes owing,
the company Financial Statements for the past three years (if applying as a company) ,

photocopies of two pieces of government ID (birth certificate, passport, driver’s license),
the confirmation of Fishing Master Certification (ie. FM 4, SVOP, etc.),
detailed bank statements for the previous 3 months (including chequing/savings accounts, line(s) of credit, etc.),
the purchase & Sale Agreement (signed by all parties),

Other Things to Note:

All applications are subject to an Administration Fee and a Mortgage Registration Fee.

Program Contact:

Used Vessel Purchase Loan - NSFA

Used Vessel Application

Modifications to a Vessel Loan

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Modifications to a Vessel Loan provides financial support to fishers and sea farmers in Nova Scotia, helping them make improvements to a vessel (lengthening and widening, complete rebuilds, new electronics and fixed equipment, and fiber glassing existing wooden boats) in order to increase efficiency.

Comments on Funding:

The loans have flexible repayment schedule to fit the cash flow of the business (annual, semi-annual and in some cases, interest only payments for certain periods of time). The repayment period can be from 1 to 20 years.

A Builder's mortgage over the new vessel is the primary security for the loan. The mortgage claim is registered with Transport Canada. Additional security over fishing licenses is taken through a General Security Agreement.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must:

be active fishers/sea farmers and new entrants in Nova Scotia,
make improvements to their vessel.

Application Steps:

Applicants must submit a completed application form to Nova Scotia Fisheries and Aquaculture Loan Board.

Documentation Needed:

Applicants must submit:

1
the application form,
2
full Personal Tax Returns & Notices of Assessment for last 3 years of loan applicant as well as shareholders and guarantors (if applicable),
3
a confirmation from Canada Revenue Agency that there are no personal income taxes owing,
4
company Financial Statements for the past three years (if applying as a company) ,
5
photocopies of two pieces of government ID (birth certificate, passport, driver’s license),
6
quote(s) from all suppliers,
7
the confirmation of Fishing Master Certification (ie. FM 4, SVOP, etc.),
8
detailed bank statements for the previous 3 months (including chequing/savings accounts, line(s) of credit, etc.),
9
the purchase & Sale Agreement (signed by all parties),
10
a completed Appendix C: Engine, Vessel Upgrades, Modifications.

Other Things to Note:

All applications are subject to an Administration Fee and a Mortgage Registration Fee.

Program Contact:

Modifications to a Vessel Loan | NSFA

Main Engine, Vessel Modifications and Upgrades.pdf

New Vessel Construction Loan

Amount:

No Fixed Amount

Type of Program:

Grants & Loan

Description:

The New Vessel Construction Loan provides financial support to fishers and sea farmers in Nova Scotia, helping them plan their new vessel and build a customized vessel to meet their needs.

Comments on Funding:

The loans have flexible repayment schedule to fit the cash flow of the business (annual, semi-annual and in some cases, interest only payments for certain periods of time).

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must:

be active fishers/sea farmers and new entrants in Nova Scotia,
build a customized vessel to meet their needs.

Application Steps:

Applicants must submit a completed application form to Nova Scotia Fisheries and Aquaculture Loan Board.

Documentation Needed:

Applicants must submit:

the application form,
full Personal Tax Returns and the Notices of Assessment for the last 3 years of all Guarantor(s) and/or Shareholder(s),
the company financial statements for the last 3 years,
a confirmation from Canada Revenue Agency that there are no personal income taxes owed to Canada Revenue Agency either corporate and/or personal, Certificate, Driver’s License, Passport),
confirmation of Fishing Master Certification,
Detailed bank statements for the previous 3 months (including chequing/savings accounts, line(s) of credit, etc.),
Purchase & Sale Agreement (signed by all parties),
a completed copy of Appendix A: “Bill of Materials” signed and sealed by the boat builder and by the Applicant,
specifications from builder or Appendix B and quotes for main engine, electronics and hydraulics.

Other Things to Note:

All applications are subject to an Administration Fee and a Mortgage Registration Fee.

Program Contact:

New Vessel Construction Loan - NSFA

New Vessel Application

Aquaculture Loan

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Aquaculture Loan provides funding to fishers and sea farmers in Nova Scotia to build their business. Loans can be used for starting, expanding or purchasing an aquaculture business.

Comments on Funding:

The loans have flexible repayment schedule to match the income stream, including interest only payments with a final repayment when the product is sold.

The Aquaculture Loan product is typically secured by the assets you are acquiring. The Security takes the form of a General Security Agreement over personal property. A Collateral Mortgage, or Continuing Collateral Mortgage is used in the case where real estate is required.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must be:

active fishers/sea farmers and new entrants in Nova Scotia,
starting, expanding or purchasing an aquaculture business.

Application Steps:

Applicants must submit a completed application form to Nova Scotia Fisheries and Aquaculture Loan Board.

Documentation Needed:

Applicants must submit the application form if they are considering buying a vessel, license and gear owned by a company and also the further documents if they are considering buying specialized equipment:

full Personal Tax Returns and the Notices of Assessment for the last 3 years of all Guarantor(s) and/or Shareholder(s),
the company financial statements for the last 3 years,
the copy of company share certificates,
an applicant confirmation of all fishing licenses currently held (print out) via National Online Licensing System,
quotes,
the Purchase & Sale Agreement,

a life insurance,
a confirmation from Canada Revenue Agency that there are no outstanding taxes owed to Canada Revenue Agency either corporate and/or personal,
Assumption of Existing Loan, if the case,
a printout of Bank Confirmation,
photocopies of two (2) pieces of government ID (Birth Certificate, Driver’s License).

Other Things to Note:

All applications are subject to an Administration Fee and a Mortgage Registration Fee.

Program Contact:

Aquaculture Loan - NSFA

Specialized Equipment Loan Application

Extras / Change Order Request Form