Loans are available to fishers, associations of fishers or companies for:
- Purchasing or building a fishing vessel.
- Purchasing and installing engines, equipment, and/or electronics.
- Technical modifications.
Loans will not be considered for:
- Vessels less than 22'-0" in length.
- Used vessels over 18 years of age.
An applicant must:
- Be a Canadian citizen or a registered Nova Scotian company in good standing.
- Be the age of majority at the time of the application.
- Have a Fishing Masters Class IV certificate or five years experience as captain of a vessel.
- Have the necessary Department of Fisheries and Oceans license(s).
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General Information: |
- Minimum deposit is 10% of requested loan amount.
- Interest rate is set quarterly but is fixed for term of loan. Present interest rate is 6.90%.
- Fishing vessel insurance is required on all loans.
- A personal guarantee is taken on all loans.
- All loans are subject to a Loan Approval Processing Fee and a Mortgage Registration Fee.
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Repayment Schedule:
| New vessels | 15 years |
| Used vessels |
| 1 and 2 years old | 14 years |
| 3 and 4 years old | 13 years |
| 5 and 6 years old | 12 years |
| 7 years old | 11 years |
| 8 years old | 10 years |
| 9 years old | 9 years |
| 10 years old | 8 years |
| 11 years old | 7 years |
| 12 years to 18 years old | 6 years |
| Diesel engines | 8 years |
| Technical modifications | 8 years |
| Equipment/Electronics | 5 years |
For more information on loans, see the Fisheries and Aquaculture Loan
Board. |
