The Fisheries and Aquaculture Development Board provides financial assistance in the form of loans to new or existing commercial fishers.
The business plan must show reasonable chances of viability and must demonstrate that a demand exists for the product(s);
The applicant must have acceptable fishing and business skills, and an acceptable credit history;
The project must fit with the province’s sector strategies (in terms of impact on marine resources, jobs, export sales, markets, etc.);
Acceptable security must be provided for the proposed financing; and
The applicant must invest, or have invested, an acceptable amount of equity in the business (typically 20% of the total project).
Direct loans may be provided to finance viable projects for the construction, purchase or repairs of commercial fishing vessels, as well as for the replacement of motors and fishing equipment. However, normal maintenance of vessels, such as annual repairs and equipment replacement, are not eligible.
The interest rates are: Prime + 3.5% (for equity investments of 29% or less); Prime + 2.5% (for equity investments of 30% to 39%) and Prime + 1.5% (for equity investments of 40% or more).