Aquaculture Loans and Loan Guarantees
The Department of Agriculture, Aquaculture and Fisheries (DAAF) provides repayable loans and loan guarantees to promote development of the aquaculture sector as a complementary lender. DAAF will work with other lenders to facilitate succession and new development of viable projects, such as: purchasing of new or used vessels, undertaking activities related to aquaculture, purchasing an engine or equipment related to aquaculture, or making major repairs to the hull or engine of a vessel.
Offered by Department of Agriculture, Aquaculture and Fisheries
Amount
no fixed amount
Quick eligibility check
Who can apply
The applicant must:
- be a sole proprietorship, a partnership, an incorporated company or to be incorporated, a cooperative from New Brunswick, or a new entrant (defined as someone who has owned a farm for five years or less), 2. have first seeked financing from a private lender, 3. use the financing for:
a) purchasing a new or used vessel,
b) undertaking activities related to aquaculture, c) purchasing an engine or equipment related to aquaculture,
d) making major repairs to the hull or engine of a vessel.
- invest, or have invested, a minimum 10% (new entrants 5%) equity in the business,
- provide acceptable security for the proposed financing,
- have a business plan.
About the funding
The financial assistance comes as a direct loan or a loan guarantee.
There is a loan guarantee fee of 1.5 % of the amount guaranteed, paid at the beginning of each year.
The applicant must demonstrate a minimum 10% (new entrants 5%) equity into the project. The department may require a higher equity level based on the risk of the project.
New entrants, defined as someone who has owned a farm for five years or less, may be eligible for lower interest rates and equity requirements.
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| Fisheries Loan Guarantees | Loan Guarantee | no fixed amount | Open |
| Fisheries Loans | Loan | no fixed amount | Open |
| Industry Development Programs: Agriculture Loan Guarantees | Loan Guarantee | no fixed amount | Open |
| Industry Development Programs: Agriculture Loans | Loan | no fixed amount | Open |
