Harvester Enterprise Loan Program – Loan Guarantee
No fixed amount
Loan Guarantee
Description:
A government guarantee may be provided for loans through eligible financial institutions and is available to assist harvesters in the province in obtaining financing for:
vessel related items such as construction, purchase and/or refit.
combining of enterprises and license acquisitions.
refinancing of loans owed to fish processors for fixed assets and/or license acquisitions.
refinancing of loans previously obtained from chartered banks for vessel related purposes and fish license acquisitions (concurrent with combining of enterprises).
Comments on Funding:
Continuous Intake
Eligibility:
Applicants must:
1. Be a Canadian citizen/entity and a resident of Newfoundland and Labrador.
2. Be registered as a full time harvester as certified by the Professional Fish
Harvesters Certification Board and be eligible to hold a commercial fishing
license
3. Have a favourable credit record and demonstrate commercial viability, including
the ability to repay the loan(s).
4. Remain in good standing with both the Government of Newfoundland and
Labrador as well as the financial institution.
5. Be deemed eligible for financing from the financial institution.
6. Pledge security deemed sufficient by both the Government of Newfoundland and
Labrador and the financial institution.
Application Steps:
Applicants must:
1. Applications form available on the Provincial Government website (Harvester
Enterprise Loan Program – Industry, Energy and Technology ).
2. Applicant must select the program they are applying form. The application is a fillable form, and allows space for harvester and fishery information, project description, financial and employment history, as well as a net worth statement.
3. Completed in full, including a signature from the applicant, to be eligible for any aspect of the Program.
4. Formal application is made directly to the applicant’s financial institution, which in turn will submit the application to the Department to open the file and assign an account officer.
Before a full assessment can be completed, the financial institution must also collect and
submit all relevant documentation necessary to the Department, as per the checklist in
Annex A.
5. Applications that are assessed positively by the Department will be submitted to the IBIC
Board of Directors for approval. Once a decision has been made, the financial institution will be notified by IET. If the applicant also applied for the down payment loan and/or interest rebate then IET will also notify the applicant directly.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
About the author
Maurice
