Fishing Licence Loan Program
NS, Canada
Loan to purchase fishing licence and gear in Nova Scotia
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|closingDateMay 21, 2024
- grant_single|grantStatusClosed
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Agriculture, forestry, fishing and hunting
grant_single|grantors
- Government of Nova Scotia
- Department of Fisheries and Aquaculture (NS)
grant_single|status
grant_card_status|closed
grant_single_labels|preview
Loan (maximum 20-year term) to cover the cost of a licence or a licence and associated gear to help businesses enter or re-enter the industry, or to diversify into new species.
grant_single_labels|terms_and_conditions
This program provides long-term loan options aimed at supporting businesses in acquiring necessary fishing licences and gear. The flexible terms are designed to facilitate entry or re-entry into the market and diversification within the industry.
- Loan duration is capped at a maximum of 20 years, allowing for extended repayment schedules.
- The loan can be utilized for purchasing both fishing licences and associated gear.
- No explicit mention of interest rates or deferred payment options is provided.
- The primary aim is to support business expansion or diversification into new species.
grant_single_labels|projects
The Fishing Licence Loan Program aims to support the growth and diversification of the fishing industry in Nova Scotia. Businesses can utilize this loan to acquire necessary licences and equipment to establish or expand their operations.
- Purchase of fishing licences to enable entry or re-entry into the commercial fishing industry.
- Acquisition of fishing gear associated with new or existing licences.
- Diversification into new fishery species through the purchase of required licences and gear.
grant_single|admissibleProjectsExample
$ 90,000
Procurement of a scallop fishing licence and gear
$ 80,000
Acquisition of a tuna fishing licence and the necessary gear for fishing in St John's
$ 60,000
Obtaining a crab fishing licence and gear to diversify
$ 55,000
Purchase of a lobster fishing licence and traps
$ 45,000
Investment in a shrimp fishing licence and gear
$ 60,000
Issuance of a fishing licence for snow crab and associated gear
grant_single_labels|admissibility
Eligibility for the Fishing Licence Loan Program requires applicants to meet certain criteria to ensure the effective use of the loan in the industry.
- The applicant must be associated with the commercial fishing industry or have a demonstrated intention to enter the industry.
- The applicant must be looking to purchase a fishing licence or a licence with associated gear in Nova Scotia.
- The applicant should aim to enter the fishing industry, re-enter, or diversify into new species.
- The applicant must demonstrate the financial capacity to repay the loan within the maximum 20-year term.
- The applicant could be a new or existing business seeking to expand or establish a presence within the Nova Scotia fishing industry.
grant_eligibility_criteria|who_can_apply
This program is designed to assist individuals or businesses in Nova Scotia seeking to purchase a fishing license and associated equipment to either enter or re-enter the fishing industry, or to diversify into new species. Qualified applicants are those who demonstrate intent and capacity for sustainable fishing production and support for local economic development in the region.
- Individuals or businesses residing in Nova Scotia.
- Applicants with a demonstrated need for financial assistance to purchase a fishing license.
- Those intending to enter or re-enter the fishing industry.
- Entities looking to diversify into new fishing species.
- Proof of business plan outlining sustainable fishing practices.
- Positive impact on local economic development and job creation.
grant_eligibility_criteria|eligible_expenses
This loan program supports activities related to acquiring essential resources to facilitate the entry or diversification within the fishing industry in Nova Scotia. It is aimed at helping businesses secure necessary licences and equipment for sustainable growth.
- Acquisition of fishing licences to gain industry access or expand operations.
- Purchase of fishing gear required for various fishing activities.
- Investment in equipment to diversify into fishing of new species.
grant_eligibility_criteria|zone
This program provides loans for businesses in Nova Scotia to purchase fishing licences and gear. The eligible geographical area is specific to this region, focusing on enhancing local industry participation.
- Businesses located in Nova Scotia, Canada.
grant_single_labels|criteria
The evaluation and selection of projects for the Fishing Licence Loan Program grant are based on specific criteria to ensure alignment with the program’s objectives of supporting new or diversifying entrants into the fishery industry in Nova Scotia.
- Business Viability and Experience in the Fishing Industry.
- Potential Economic Impact, including job creation and contribution to the local economy.
- Ability to Comply with Environmental and Sustainability Standards.
- Clarity and Feasibility of the Business Plan, including timelines and proposed use of loan funds.
- Financial Stability and Projected Revenue Generation.
grant_single_labels|register
- Step 1: Verify Eligibility
- Review the criteria for the Fishing Licence Loan Program to ensure eligibility.
- Ensure your business is located in Nova Scotia and is entering or diversifying within the fishing industry.
- Step 2: Collect Necessary Documentation
- Gather documentation related to your business’s financials.
- Prepare a business plan outlining your goals and how the licence or gear purchase will aid in achieving them.
- Compile any additional supporting documents, such as past financial statements or quotes for gear.
- Step 3: Fill Out Application
- Obtain the application form for the Fishing Licence Loan Program.
- Complete all sections of the application form carefully.
- Ensure accuracy in figures and information provided.
- Step 4: Submit Application
- Prepare your completed application form and all required documentation for submission.
- Submit the application through the designated submission method (mail, email, or online portal if applicable).
- Verify that submission is completed before the application deadline.
- Step 5: Await Confirmation
- Wait for a confirmation of receipt from the loan program administrators.
- Keep a copy of your submission and any confirmation for your records.
grant_single_labels|otherInfo
The loan program is designed to support businesses in the fishing industry in Nova Scotia by financing the purchase of a fishing licence and gear. This initiative aims to facilitate market entry or re-entry and promote diversification into new species.
- Maximum loan term: 20 years
- Available to businesses looking to enter or re-enter the fishing industry
- Also available for businesses aiming to diversify into new species
Apply to this program
Empowering Fisheries in Nova Scotia with Long-Term Financial Support
The Fishing Licence Loan Program offers a financial pathway for businesses in Nova Scotia to obtain crucial fishing licences and gear necessary to enter or diversify in the fishing industry. With up to 20-year term loans, this initiative helps stimulate economic growth within the fishing sector by empowering businesses to pivot strategically into new areas.
Diving Deeper into the Fishing Licence Loan Program
The Fishing Licence Loan Program stands as a pivotal financial resource for Nova Scotia's fishing industry. This program is primarily aimed at supporting both new entrants and existing businesses seeking to reorient their operations within the sector. By offering loans with a maximum term of 20 years, businesses have a substantial period to manage their finances efficiently while pursuing growth and diversification within the fishing sector.
The role of this loan program is crucial in facilitating economic activity in coastal regions, where the fishing industry serves as a backbone. It addresses financial barriers by covering the expenses related to acquiring a fishing licence and the gear necessary to operate effectively. This availability of financial support is particularly significant as it enables companies to explore new fishing opportunities, which can lead to an expansion into untapped market areas or diversification into new types of fish species.
By providing such financial assistance, the program helps bolster the economic vitality of Nova Scotia, a region heavily reliant on the fishing industry. It ensures that new and existing businesses can sustain operations, even in challenging economic climates, by reducing the upfront financial burden associated with purchasing licences and gear. This, in turn, promotes job creation, economic diversification, and sustains local communities dependent on the fishing industry as a main source of livelihood.
Apart from aiding economic growth, the Fishing Licence Loan Program contributes to a sustainable fishing ecosystem. As businesses seek to enter or diversify, it encourages adherence to regulatory norms and promotes responsible fishing practices. This alignment with sustainable practices not only preserves environmental balance but also enhances the long-term viability of fishing stocks, ensuring the industry’s sustainability for future generations.
Moreover, this loan program can enhance competitiveness within Nova Scotia’s fishing sector by allowing businesses to invest in modern and efficient gear. This can lead to improved catch rates and product quality, which are key to staying competitive in both local and global markets. Enhance productivity through modernized equipment also paves the way for new operational efficiencies that can make local companies more competitive globally.
Overall, the Fishing Licence Loan Program serves as a strategic instrument designed to preserve and enhance Nova Scotia’s vital fishing industry. By facilitating entry and expansion in this critical sector, it ensures the continued contribution of the fishing industry to the regional and national economy. The program’s careful design allows businesses a long repayment period, which provides much-needed financial relief, ensuring that growth and development within the fishing industry can occur without the hindrance of immediate financial strain.
