Future Fisher Program

This grant offers comprehensive financing options designed to support new entrant lobster fishers in their early years. The modalities focus on reducing financial burdens through interest relief and training support.

• Interest relief of up to $4,000 per year for three years, with a maximum contribution of $12,000, is available for loans up to $200,000.
• The interest relief percentage is set at 2% per year for applicants with Grade 12 or equivalent completed, and 1% per year for those who have yet to complete Grade 12.
• Eligible applicants can receive up to $1,000 toward the costs of training initiatives, with the costs typically shared on a 50-50 basis between the department and the applicant.
• Applicants who achieve Grade 12 during the three-year period can request a change in their interest relief contribution percentage.

To be eligible for the Future Fisher Program, applicants must meet specific criteria related to residency, licensing, and participation in financial activities.

• The applicant must be a resident of Prince Edward Island and be at least 18 years of age.
• The applicant must have purchased a Class A lobster license after January 1, 2009, and must not have held such a license in previous years.
• Only one applicant per fleet will be accepted into the program, specifically the license holder.

Who is eligible?

Who is not eligible

Some types of companies may not be eligible for this grant. Eligibility criteria may exclude the following:

• Non-profit organizations
• Individual entrepreneurs

Eligible expenses

The Future Fisher Program offers eligible new entrants in the PEI lobster fishery the opportunity to enhance their skills and reduce financial burdens. The activities eligible for support under this program are focused on training, coaching, and financial relief associated with acquiring a fishing license.

• Coaching facilitated by a program officer to guide new entrants in the fishery.
• Training covering all aspects of the lobster fishery.
• Interest relief for loans used to acquire a fishing license, up to $12,000 over three years.
• Financial assistance of up to $1,000 towards training initiatives on a cost-shared basis.

Eligible geographic areas

This grant is specific to new entrants in the lobster fishery in Prince Edward Island, ensuring support for the regional fishing community. The focus is on providing assistance to residents within this province.

• Residents of Prince Edward Island, Canada.

Here are additional relevant details for this grant:

• Applications are evaluated on a first-come, first-served basis within the constraints of the annual budget.
• If the grant funding exceeds the allocated budget for the year, applications may be deferred to the next fiscal year.
• Successful applications result in a contractual agreement obligating the recipient to certain terms.
• There are conditions on selling the fishing enterprise during the assistance period that may impact financial obligations to the program.
• Decisions made by the Minister regarding the program are final and binding.