Aquaculture Capital Equity Program
Highlights
The Aquaculture Capital Equity Program is designed specifically for businesses like yours in the aquaculture industry. This program offers significant financial support to help you expand your operations. With a minimum investment of $250,000 for finfish operations and $100,000 for shellfish, matched by your private sector cash investment, you can secure the capital needed to grow your business.
Why should you apply? This program provides a unique opportunity to partner with the government, ensuring you have the necessary funds to increase production from both hatcheries and marine sites. The financing offered is substantial and tailored to meet the specific needs of aquaculture businesses, making it more advantageous than traditional loans.
What’s in it for you? By being approved, you gain access to essential funding that can drive your business forward. The program is designed to support financially and technically sound companies, making it easier for you to qualify and succeed. This partnership can significantly enhance your business’s growth potential and market presence.
Financing Details
Type of Financing: Equity Investment
Investment Amount:
- Minimum investment of $250,000 for finfish operations.
- Minimum investment of $100,000 for shellfish operations.
- The investment must match a private sector cash investment.
Eligible Expenses:
- Funds can be used for increasing production from hatcheries.
- Funds can be used for marine site developments.
Ineligible Expenses:
- Funds cannot be used for operational costs.
- Funds cannot be used for non-aquaculture related activities.
Fees:
- No application fees.
- No additional administrative fees.
Qualifications
- Must be a company involved in aquaculture.
- Must be farming Atlantic salmon, Steelhead trout, Atlantic cod, or blue mussels.
- Must be located in Newfoundland and Labrador.
- Must demonstrate strength in all aspects of their business plan, including technical, marketing, and management capabilities.
- Must be financially and technically sound.
Must be able to provide a private sector cash investment to match the program's minimum investment:
- $250,000 for finfish operations.
- $100,000 for shellfish operations.
Disqualifications:
- Companies that cannot demonstrate strength in their business plan.
- Companies that are not financially or technically sound.
- Companies unable to provide the required private sector cash investment.
Description
The Aquaculture Capital Equity Program is designed to help your business grow in the aquaculture sector. You can receive a minimum investment of $250,000 for finfish operations or $100,000 for shellfish operations. This funding matches your private sector cash investment, doubling your available capital.
The money can be used to increase production at both hatcheries and marine sites in Newfoundland and Labrador. This means you can expand your facilities, buy new equipment, or improve your existing operations.
There are no payback conditions for this investment, making it a great opportunity to boost your business without the burden of debt. This program ensures you have the financial support needed to succeed and grow in the competitive aquaculture industry.
Program Steps
Contact the Director of Aquaculture Development: Reach out to the Director of Aquaculture Development at the Department of Fisheries, Forestry and Agriculture. You can call (709) 292-4100 or fax (709) 202-4113 to express your interest and get initial guidance.
Prepare Required Documentation: Gather the necessary documents to support your application. You will need:
- A comprehensive business plan
- Financial statements
- Technical plans
- Marketing strategies
- Management capabilities documentation
- Proof of private sector cash investment
Review Program Guidelines: Download and review the Aquaculture Capital Equity Program Brochure and the Aquaculture Capital Equity Policy and Procedures Manual from the program’s website. Ensure you understand the investment requirements and procedures.
Develop a Project Proposal: Create a detailed project proposal that outlines your plans for increasing production from hatcheries or marine sites. Ensure your proposal aligns with the program’s objectives and demonstrates financial and technical soundness.
Submit Your Application: Complete the application process as instructed by the Director of Aquaculture Development. Include all prepared documentation and your project proposal.
Await Review and Feedback: The Department of Fisheries, Forestry and Agriculture will review your application. Be prepared to provide additional information or clarification if requested.
Finalize Investment Agreement: If your application is approved, discuss and finalize the investment terms, including the amount of funding and the matching private sector cash investment.
Receive Funding and Begin Project: Once the agreement is finalized, you will receive the funding. You can then proceed with your project to increase production in your aquaculture operations.