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![]() Structured Financing Facility for the Canadian Shipbuilding and Industrial Marine Industry
Eligibility Criteria The Government has extended the Structured Financing Facility (SFF) to March 2011. The objective of the Structured Financing Facility (SFF) is to help ensure that shipyard capability exists for federal marine procurement and maintenance requirements in keeping with the Buy Canada procurement policy. Eligibility CriteriaThe applicant must be a purchaser or lessee of a vessel or offshore marine structure. The payment for the newly built or modified vessel or offshore marine structure must be financed by a lender or lessor who will receive the SFF contribution to reduce the applicant's interest or leasing costs. What are the eligible products? Eligible products are new vessels or offshore marine structures and existing vessels and offshore marine structures undergoing major refurbishment, conversion or other major modification and constructed in Canada. The following additional criteria apply:
Pleasure craft, as defined in the Canada Shipping Act, are not included. SFF DescriptionThe SFF provides financing support in the form of a buy-down of financing costs. Subject to the limitations below, this support can be up to 15% of the purchase price paid to the Canadian shipyard for the construction or modification of an eligible vessel or offshore marine structure. The support is in the form of a non-repayable contribution. The financing support is subject to the following limitations:
For Canadian applicants, the Canadian income tax regulations remove the right to accelerated capital cost allowance for vessels whose construction or modification was supported by SFF. Application ProcessAn applicant provides a project outline to Industry Canada with the following information:
The Minister of Industry Canada shall have the sole discretion to determine the acceptability of an applicant, a recipient, a lender or lessor, and a shipyard; the Minister may, from time to time, make policies regarding acceptability. Industry Canada will assess the above information and provide the applicant within a few weeks with an indication of whether the proposed project is eligible under the SFF. If the project appears to be eligible, the Department will inform the applicant of any additional information that may be required in order for the Department to proceed with a full analysis and obtain the appropriate approval authorities. If the project is approved, the recipient will be requested to submit data, schedules, plans and reports in sufficient detail to enable the Minister to: (a) assess the progress of the project; Contacts:
Charles Hall
Emile Rochon
Walter Sims
Joan Woodside Quebec Contact:
Christian Chouinard
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Created: 2005-06-17 Updated: 2007-10-19 ![]() |
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