Fisheries Loans
The Fisheries Loans provide financial assistance in the form of loans to new or existing commercial fishers 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 Department of Agriculture, Aquaculture and Fisheries (DAAF) acts as a complementary lender, so clients interested in a DAAF loan or loan guarantee must first seek financing from a private lender.
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
Interest rates are determined on a case by case basis. 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. New entrants may be eligible for lower interest rates and equity requirements.
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| Aquaculture Loans and Loan Guarantees | Loan, Loan Guarantee | no fixed amount | Open |
| Industry Development Programs: Agriculture Loans | Loan | no fixed amount | Open |
| BDC Small business loan | Loan | Up to $350,000 per BDC Small Business Loan: up to $100K (up to 6 months interest-only payments, 5-year amortization) or over $100K and up to $350K (up to 12 months interest-only payments, up to 8-year amortization) | Open |
| BDC Working capital loan | Loan | No fixed amount | Open |
