License(s) & Gear Loan

By mmuise
Description:

Licenses and gear loans allow new fishers to join the industry or established fishers to expand or diversify operations. It is available to new entrants, commercial fishers or clients looking to re-enter the industry.


Comments on Funding:

The Licenses & Gear Loan comes with all the flexibility of other loans. Repayment can be amortized over any period from 1-20 years.
Licenses and Gear loans are primarily secured through a General Security Agreement, where the claim over the licenses is acknowledged by the Licensing department with Fisheries and Oceans Canada.

Deadline: Continuous Intake
Eligibility:

Applicants must be:

  • active fishers/sea farmers and new entrants in Nova Scotia,
  • purchasing licences or gear.
Application Steps:

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

Documentation Needed:

Applicants must submit:
1. the application form,
2. full Personal Tax Returns & Notices of Assessment for last 3 years of loan applicant as well as shareholders and guarantors (if applicable), 3. a confirmation from Canada Revenue Agency that there are no personal income taxes owing, 4. company Financial Statements for the past three years (if applying as a company) ,
5. photocopies of two pieces of government ID (birth certificate, passport, driver’s license), 6. the confirmation of Fishing Master Certification (ie. FM 4, SVOP, etc.), 7. detailed bank statements for the previous 3 months (including chequing/savings accounts, line(s) of credit, etc.), 8. the purchase & Sale Agreement (signed by all parties),

Other Things to Note:

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About the author
mmuise