Business New Brunswick

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Loans and Loan Guarantees for Aquaculture

Description of Program :

Direct loan assistance may be provided for new construction and equipment purchases of up to $500,000 to aid and encourage the establishment or development of aquaculture in the Province of New Brunswick .

Loan guarantees are also available for working capital purposes. The maximum allowable loan guarantee shall be 80% of the approved operating costs only and Department liability is limited to the operating loans that are outstanding after the relative lending institution has realized on all security held in support of operating loans.

Eligibiilty Criteria  :

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

• The project must involve the production and harvesting of fin-fish, shell-fish or aquatic plants.

• The project must demonstrate a potential for permanent employment opportunities or significant potential for increasing sales, and must show commercial viability.

• The applicant will have a minimum equity position of 20% of the total assets (including the assets to be acquired through the project).

• Expenditures of a normal recurring nature including working capital items and inventories such as feed, smolts and seed, are not eligible for direct loan assistance. (see loan guarantee program)

Target Clients :

Direct loans or loan guarantees may be provided to individuals, companies, partnerships and/or associations who are residents of the Province of New Brunswick and who are operating within the Province of New Brunswick .

Form Of Financial Assistance :

The financial assistance program for aquaculture may be provided by way of direct loans or loan guarantees for marine shell-fish and/or fin-fish cultivation operations.

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