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Fisheries and Aquaculture Loans

Where can I find information about getting a loan for fisheries and aquaculture?

Fisheries & Aquaculture includes any person that:

1. carries on business, or intends to carry on business, in the province, and
2. is licensed or qualified to obtain a license or Aquaculture permit issued by the Federal Department of Fisheries & Oceans, for any of the commercial fisheries or aquaculture industries in the province.

The objective of the Agency is to provide term financing, recapitalization and operating lines of credit to assist applicants in the commercial fishery and/or Aquaculture industry. The Agency takes a particular interest in supporting projects that have a potential commercial viability for under-exploited species of finfish, shellfish and sea plants.

Capital Loans

Financing by way of term loans for capital assets, such as marine vessels, engines, equipment, Aquaculture leases, buildings and other industry related tangible and intangible assets, will be considered. Repayment terms will be based on the life expectancy of the asset; however, the maximum term for repayment shall not exceed 20 years. The maximum financing provided will generally not exceed 80% of the purchase price orfair market value of the assets, whichever is the lesser.

Operating Lines of Credit

Up to 100% financing may be provided for operating expenses, such as inventory purchases and cashflow requirements, for the day-to-day operating costs of the enterprise. Operating lines shall be repaid from the sale of inventory.

Contact

Charlottetown

National Bank Tower

Aitken, Don (Account Manager)

Inman, Jason (Account Manager)