Business New Brunswick

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Loans for Commercial Fishing

Description of Program :

Direct loan assistance may be provided for new vessel construction, major refits or overhaul of existing vessels, the purchase of used fishing vessels, new onboard equipment or for purposes deemed to be in aid of and to encourage the establishment or development of fisheries in the Province of New Brunswick .

Eligibiilty Criteria  :

• Applicants must not have any loans in arrears with the Department.

• Applicant must be a certified commercial fisherman and must provide a copy of any relevant fishing licenses.

• Applicants must provide a copy of their income tax returns including the statement of income and expenses of fishing for the past three years.

• Applicants must pledge their licences in support of any loan provided.

• An applicant who has been convicted of an offence related to illegal fishing activity within the last 5 years is not eligible for financial assistance.

Target Clients :

Loans may be made to fishermen, groups of fishermen, companies, partnerships, co-operatives and associations of fishermen (the applicant).

Form Of Financial Assistance :

Direct repayable loan with interest at the provincial lending rate renewable every three years.

Department of Business New Brunswick
PO Box 6000
Fredericton, NB
E3B 5H1
1 (506) 453-8232