Future Fisher Program

By mmuise

The Future Fisher Program provides training and financial assistance to aid new entrant lobster fishers and lobster fishers working towards ownership of a lobster fleet to become better positioned for success in the PEI lobster fishery.

Comments on Funding:

Applicants who have borrowed money from a recognized financial institution to purchase fishing related assets, i.e. chartered bank, Credit Union, or PEI Lending Agency, might be eligible to receive interest relief - up to $3,000 per year for three years for a maximum contribution of $9,000.
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 $150,000, or - Grade 12 or equivalent yet to be completed – receive 1% contribution per year on loans up to $150,000. In addition, each applicant is eligible to receive up to $1,000 toward the costs of training initiatives. Assistance for training initiatives will be normally cost-shared between the department and the applicant on a 50- 50 basis.

Deadline: Continuous Intake

The applicant must:

  • be a resident of PEI, age 18 years or older,
  • have purchased a class ‘A’ lobster license, after January 1, 2009,
  • hold a Class A lobster license, or working towards ownership of one,
  • have yet to purchase a core lobster fishing license (eligible to receive funding towards training initiatives, while in the three-year program).
Application Steps:

1. The applicant must complete his online application and submit his completed application with all relevant documentation.

2. Following submission, the program officer will contact the applicant to discuss his application and related documents.

3. In order to receive funds from the Province of Prince Edward Island, the applicant must first register as a vendor. Once he is approved for the Future Fisher Program, he has to submit a completed the Vendor Registration Form.

Documentation Needed:

The applicant must submit:
1. a letter from his lending institution outlining the dispersement date as well as terms and conditions of his fishery loan;
2. diploma or grade transcripts if he has Grade 12 or equivalent;
3. certificates of any courses acquired (such as Fishing Master IV OR D.V.S., ROCM, First Aid, SVOP, etc);
4. a completed Vendor Registration Form.

Other Things to Note:

No other details available.

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