Future Fisher Program
If you are a new entrant in the lobster fishery in Prince Edward Island, you may be eligible for support through the Future Fisher Program. This program offers training and financial assistance to aid new entrant lobster fishers to become better positioned for success in the PEI lobster fishery.
Offered by Department of Fisheries, Rural Development and Tourism
Amount
Interest relief of up to $4,000 per year for three years, to a maximum contribution of $12,000 (2% per year with Grade 12 or 1% per year without, on loans up to $200,000), plus up to $1,000 per applicant toward training costs, normally cost-shared 50-50
Quick eligibility check
Who can apply
To participate in the Future Fisher program, you must:
- Be a resident of Prince Edward Island and be a minimum of 18 years of age.
- Have purchased a Class A lobster license after January 1, 2009, (as recognized by the PEI Provincial Department of Fisheries, Rural Development and Tourism) and have not held a Class A lobster license in previous years.
- Only one applicant will be accepted per fleet under the Future Fisher Program, and this shall be the license holder.
About the funding
The Future Fisher Program includes three components:
- Program facilitation assistance.
- Training involving all aspects of the lobster fishery, and
- Reduced interest for three consecutive years for the cost of acquiring a fishing license.
Show all funding details
Note: To receive interest relief, you must actively participate in and complete milestones of the coaching and training components.
If you have borrowed money from a recognized financial institution to purchase fishing related assets, i.e., chartered bank, Credit Union, or PEI Lending Agency, you may be eligible to receive interest relief – up to $4,000 per year for three years for a maximum contribution of $12,000.
Interest relief on loans related to acquiring a lobster license is calculated as follows:
- Grade 12 or equivalent completed – receive 2% contribution per year on loans up to $200,000
- OR
- Grade 12 or equivalent yet to be completed – receive 1% contribution per year on loans up to $200,000
- In addition, each applicant is eligible to receive up to $1,000 toward the costs of training initiatives. Assistance for training initiatives will normally be cost-shared between the department and the applicant on a 50-50 basis.
Please note: If you achieve Grade 12 during the three-year tax relief period, you may request a change in your contribution percentage.
If you sell the fishing enterprise at any time during the three-year approval period, you may be required to re-pay all or a portion of the interest relief.
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