Aquaculture Loan

By mmuise
Description:

The Aquaculture Loan provides funding to fishers and sea farmers in Nova Scotia to build their business. Loans can be used for starting, expanding or purchasing an aquaculture business.


Comments on Funding:

The loans have flexible repayment schedule to match the income stream, including interest only payments with a final repayment when the product is sold.
The Aquaculture Loan product is typically secured by the assets you are acquiring. The Security takes the form of a General Security Agreement over personal property. A Collateral Mortgage, or Continuing Collateral Mortgage is used in the case where real estate is required.

Deadline: Continuous Intake
Eligibility:

Applicants must be:

  • active fishers/sea farmers and new entrants in Nova Scotia,
  • starting, expanding or purchasing an aquaculture business.
Application Steps:

Applicants must submit a completed application form to Nova Scotia Fisheries and Aquaculture Loan Board.

Documentation Needed:

Applicants must submit the application form if they are considering buying a vessel, licence and gear owned by a company and also the further documents if they are considering buying specialized equipment:
1. full Personal Tax Returns and the Notices of Assessment for the last 3 years of all Guarantor(s) and/or Shareholder(s),
2. the company financial statements for the last 3 years,
3. the copy of company share certificates,
4. an applicant confirmation of all fishing licenses currently held (print out) via National Online Licensing System,
5. quotes,
6. the Purchase & Sale Agreement,
7. a life insurance,
8. a confirmation from Canada Revenue Agency that there are no outstanding taxes owed to Canada Revenue Agency either corporate and/or personal,
9. Assumption of Existing Loan, if the case,
10. a printout of Bank Confirmation,
11. photocopies of two (2) pieces of government ID (Birth Certificate, Driver’s License).

Other Things to Note:

All applications are subject to an Administration Fee and a Mortgage Registration Fee.

About the author
mmuise