Vessel Loan Program
Overview
Term loan to purchase or build a fishing vessel, install engines, equipment, and/or electronics, or make technical modifications to a vessel.
At a glance
Funding available
- Increase performance through digital transformation
- Complete an acquisition or business transfer
- Optimize production processes
- Varies by project
Eligible candidates
- All industries
- Nova Scotia
- For-profit business
- Sole proprietorship
- All revenue ranges
- All organization sizes
- Indigenous Peoples
- Rural or Northern Residents
- Women
Next Steps
Activities funded
This program is dedicated to supporting the sustainable growth of Nova Scotia's fisheries and aquaculture sectors. Eligible projects focus on providing financial support to fishers, sea farmers, and boat builders seeking to start, diversify, or expand their ventures.
- Purchase or construction of new vessels for commercial fishing operations.
- Upgrading and expanding existing fishing fleets.
- Initiation or expansion of aquaculture operations.
- Support for boat builders engaged in building or refurbishing fishing vessels.
Official resources
Application form
Eligibility
Who is eligible?
The Nova Scotia Fisheries and Aquaculture Loan Board supports new and existing fishers, sea farmers, and boat builders looking to diversify or expand in Nova Scotia's seafood industry.
- New fishers seeking to enter the industry.
- Established sea farmers aiming to diversify their operations.
- Boat builders planning to expand their business.
- Businesses in the aquaculture sector focused on sustainability.
- Applicants with projects contributing to the development of fish harvesting.
Eligible expenses
The Nova Scotia Fisheries and Aquaculture Loan Board supports projects and activities that are aimed at enhancing the development and sustainability of the fishing and aquaculture sectors in Nova Scotia. These initiatives are focused on assisting new entrants, as well as supporting expansion and diversification efforts.
- Supporting the entry of new fishers and sea farmers into the industry.
- Facilitating the diversification of existing fishing and aquaculture operations.
- Providing financial assistance for the construction and acquisition of fishing boats.
- Funding the development and expansion of aquaculture facilities.
Eligible geographic areas
This grant supports the seafood industry in Nova Scotia through the Nova Scotia Fisheries and Aquaculture Loan Board. It is tailored for entities looking to expand and grow within the region.
- Companies located in Nova Scotia.
Selection criteria
There are evaluation and selection criteria for this grant. Applications are assessed based on financial viability, sustainability, feasibility, and economic impact to the fishing and aquaculture industry in Nova Scotia.
- Financial Viability
- Sustainability of the project
- Feasibility of the proposal
- Economic impact on the local industry
How to apply
- Step 1: Get in touch with the Nova Scotia Fisheries and Aquaculture Loan Board.
- Step 2: Discuss your lending needs and business goals with their team of loan officers.
- Step 3: Submit an application for a loan.
- Step 4: Work closely with the Loan Board throughout the application process.
Additional information
Here are additional relevant details for this loan program:
- The Nova Scotia Fisheries and Aquaculture Loan Board has been supporting the seafood industry since 1936, emphasizing their long-standing experience.
- The Loan Board provides a client-centric approach, emphasizing support beyond traditional bank offerings, tailored specifically for the fishing sector.
- Clients receive individualized support, reflected in testimonials citing reliable communication and a deep understanding of the fishing industry.
- Interest rates offered by the Loan Board are highly competitive, as noted by customer testimonials.
- The Loan Board offers flexibility and understanding in repayment, particularly valuable during tough financial times.
- The Loan Board's service includes personalized attention, with loan officers acting as supportive guides throughout the application and post-loan processes.