Fisheries Loan Guarantees
The Fisheries Loan Guarantees provides loan guarantees to New Brunswick fishers and sea farmers for the purchase of fishing licenses, quotas, engines or equipment related to fisheries, new or used vessels or for making major repairs to the hull or engine of a vessel. The program is designed to share the financial risk with financial institutions.
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) the purchase of a new or used vessel,
b) the purchase of an engine or equipment related to fisheries,
c) making major repairs to the hull or engine of a vessel,
d) the purchase of a commercial fishing license or obtain a quota,
- invest, or have invested, a minimum 10% (new entrants 5%) equity into the project, 5. provide acceptable security for the proposed financing,
- have a business plan.
About the funding
There is a loan guarantee fee of 1.5 % of the amount guaranteed, paid at the beginning of each year. Repayment terms are matched to the cash flow of the project as supported by the business plan. Options include interest only payments or principal and interest payments.
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| Aquaculture Loans and Loan Guarantees | Loan, Loan Guarantee | no fixed amount | Open |
| Industry Development Programs: Agriculture Loan Guarantees | Loan Guarantee | no fixed amount | Open |
| Canada Small Business Financing Program (CSBFP) | Loan, Loan Guarantee | Maximum loan amount of $1.15 million per borrower: up to $1,000,000 for term loans (no more than $500,000 for leasehold improvements and equipment, of which a maximum of $150,000 for intangible assets and working capital costs) and up to $150,000 for lines of credit | Open |
| EDC Direct lending | Loan, Loan Guarantee | Direct loans that typically start at $1 million, structured to match your business needs, priced in line with commercial market rates | Open |
