Fisheries Loan and Loan Guarantees
Last Update: January 24, 2025
NB, Canada
Financing for commercial fishing activities in New Brunswick
Fisheries Loan and Loan Guarantees at a glance
Eligible Funding
- No Condition
Timeline
- Continuous Intakes
Financing Type
Loans and Capital investments
Eligible Industries
- Agriculture, forestry, fishing and hunting
Grant Providers
- Department of Agriculture
- Government of New Brunswick
- Aquaculture and Fisheries (NB)
Status
Open
Overview of the Fisheries Loan and Loan Guarantees program
Get a loan or loan guarantee to cover the costs of buying a new or used vessel, buying or repairing an engine, buying a commercial fishing license, obtaining a quota, and more.
Eligible projects & activities
This grant is designed to support projects and activities that enhance the fisheries sector through strategic financial assistance. Eligible projects focus on improving operational capacities, upgrading fishing vessels, and enhancing processing facilities.
- Procurement and upgrading of fishing vessels.
- Investment in advanced fish processing technologies.
- Enhancements in storage capabilities for fish products.
- Innovative projects aimed at sustainability in fisheries operations.
- Financial management systems to improve profitability in the fisheries sector.
Examples of admissible projects:
$ 50,000
Conduct R&D for sustainable fishing methods and technologies
$ 24,000
Provide specialized training for the crew on new fishing technologies
$ 14,000
Obtain a new commercial fishing license and quotas for expanded operations
$ 120,000
Purchase a new commercial fishing vessel for offshore fishing
$ 25,000
Purchase advanced fish-finding equipment for the vessel
$ 60,000
Repair and upgrade the engine of the current fishing vessel
Eligibility criteria of the Fisheries Loan and Loan Guarantees program
Eligibility for a loan or loan guarantee from the Department of Agriculture, Aquaculture and Fisheries is determined by specific criteria related to the applicants and their proposed activities.
- Applicants must first seek financing from a private lender before applying for a DAAF loan or loan guarantee.
- Applicants must be involved in activities related to purchasing a vessel, engine, or equipment pertinent to fisheries, making major repairs to a vessel, or acquiring a commercial fishing license or quota.
- Applicants cannot apply for refinancing or repaying existing debt with the loan.
- New entrants, defined as those who have owned a farm for five years or less, may have access to lower interest rates and equity requirements.
- Applicants must provide acceptable security for the loan or loan guarantee.
- Applicants must demonstrate a minimum equity investment into the project, with at least 10% for general applicants and 5% for new entrants. This percentage may be higher depending on project risk.
Who is eligible?
This grant program is designed for those involved in the fisheries sector who require additional financial support to supplement private lender financing. The program includes specific allowances for new entrants in terms of interest rates and equity requirements.
- Individuals or businesses purchasing a new or used vessel.
- Applicants seeking to buy an engine or equipment related to fisheries.
- Projects involving major repairs to a vessel's hull or engine.
- Entities looking to acquire a commercial fishing license or quota.
- New entrants who have owned a farm for five years or less eligible for lower equity requirements and interest rates.
- Businesses that can provide acceptable security for the loan or guarantee and demonstrate the required equity contribution.
Who is not eligible
This grant does not clearly state specific exclusions for certain types of companies or industries. The focus is mainly on the positive eligibility criteria.
Eligible expenses
This grant provides opportunities for individuals and businesses within the fisheries sector to expand and enhance their operations. The eligible activities are specifically targeted towards acquiring essential resources and making pivotal improvements to fishing capabilities.
- Purchase a new or used vessel.
- Purchase an engine or equipment related to fisheries.
- Make major repairs to the hull or engine of a vessel.
- Purchase a commercial fishing license or obtain a quota.
Eligible geographic areas
This grant is managed by the Government of New Brunswick, indicating that it may be region-specific. However, without explicit information on eligible geographical areas, we cannot determine the exact locations.
Eligibility criteria of the Fisheries Loan and Loan Guarantees program
The evaluation and selection of projects for this grant are intended to assess the viability and alignment with the specific objectives of the Department of Agriculture, Aquaculture and Fisheries' loan program.
- Viability of the business plan, including detailed financial projections and assumptions.
- Management qualifications and experience, ensuring responsible operation of the business.
- Marketability and strategic planning in terms of target market and competitive positioning.
- Production capacity and historical performance against projected outputs.
- Level of equity contribution by the applicant and adequacy of security provided.
- Alignment of the project with sectoral development goals and sustainability objectives.
How to apply to the Fisheries Loan and Loan Guarantees program
1
Seek Private Financing
- Contact private lenders to apply for financing for your fisheries project.
- Obtain documentation of the financial assistance approved by a private lender.
2
Prepare Business Plan
- Develop a comprehensive business plan including business description and project details.
- Include financial information: previous three years of financial statements or income tax returns, and projected income and cash flow statements for the next three years.
- Detail the management plan and outline management's qualifications.
- Include a marketing plan specifying target customers and sales strategy.
- Provide production details: historical summary and forecasts.
3
Ensure Security and Equity
- Prepare acceptable security for the loan or loan guarantee.
- Demonstrate a minimum equity investment of 10% (5% for new entrants) into the project.
4
Assemble Application Package
- Compile the business plan, security details, and equity information.
- Include all necessary documentation and confirmation of private lender support.
5
Submit Application
- Contact the Department of Agriculture, Aquaculture and Fisheries to submit the application.
- Provide all required documents and complete application forms as instructed by DAAF.
6
Confirmation of Application
- Receive confirmation from the DAAF that your application has been received.
- Keep a record of the submission confirmation for future reference.
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