Vessel Loan (formerly: Modifications to a Vessel Loan)
no fixed amount
Loan
Description:
Vessels are essential to a thriving seafood industry. From making improvements to a vessel to a complete customized new build, the Fisheries and Aquaculture Loan Board finances all types of projects relating to vessels.
Comments on Funding:
Funding takes the form of a loan.
Continuous Intake
Eligibility:
Applicants must:
1. be active fishers/sea farmers and new entrants in Nova Scotia,
2. be seeking financing for:
a) Used vessel purchase;
b) New vessel purchase or build;
c) Modifications to a vessel, including lengthening, widening, rebuilds, and fiberglassing;
d) Vessel equipment or electronics upgrademake 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. additional information as requested.
Other Things to Note:
About the author
Maurice
