Fishing Licence Loan Program
Highlights
This program is designed specifically for businesses like yours. It offers up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. This funding can be used for a variety of needs, including operating expenses, restorations, new equipment, and software.
The key advantage of this program is that it is backed by the government, providing you with more security and flexibility. You can choose how to repay the loan, with terms extending up to 15 years. This makes it easier to manage your cash flow and invest in growth opportunities. Qualifying for this program is straightforward, making it an excellent option to support and expand your business.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rates: Fixed interest rate of 3.5% per annum.
Eligible Expenses:
- Purchase of new or used equipment.
- Renovation and leasehold improvements.
- Working capital for day-to-day operations.
- Purchase of intangible assets such as patents and trademarks.
Ineligible Expenses:
- Real estate purchases.
- Personal expenses.
- Refinancing existing debts.
- Any non-business-related expenses.
Fees:
- Application Fee: $150, non-refundable.
- Processing Fee: 1% of the loan amount, which can be included in the loan.
- Annual Maintenance Fee: $100, charged annually.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Nova Scotia.
Must have a physical presence in one of the following locations:
- Truro
- Kentville
- Yarmouth
Disqualifications:
- None mentioned in the provided context.
Description
This program offers your business a chance to borrow up to $1,000,000. You can use this money to buy equipment, improve your workspace, or cover other essential costs.
Here's what you can do with the funds:
Up to $500,000 can be used for buying equipment or renovating your space. This includes things like:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Retail space renovations
Up to $150,000 can be used for operational costs, such as software or other expenses to keep your business running smoothly.
The federal government backs 85% of the loan, giving you a strong safety net. You also have flexible repayment options, including variable or fixed interest rates, or a combination of both.
You have up to 15 years to repay the loan, no matter what you spend it on. This program is designed to help your business grow and succeed with less financial stress.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. These typically include:
- Business registration documents
- Financial statements (balance sheet, income statement)
- Business plan
- Tax returns for the past two years
- Proof of business address
- Identification documents for business owners
Complete the Application Form: Fill out the application form with accurate and detailed information about your business. Ensure all sections are completed.
Submit the Application: Send the completed application form and all required documentation to the appropriate office. You can submit it to any of the following locations:
- Truro – Head Office: 74 Research Drive, Bible Hill, NS B6L 2R2
- Kentville – Field Office: Kentville Agricultural Centre, 32 Main Street, Kentville, NS B4N 1J5
- Yarmouth – Field Office: Harbourfront Place 101, 3 Lovitt Street, Yarmouth, NS B5A 3C1
Contact for Assistance: If you have any questions or need assistance with your application, you can contact the offices at:
- Truro: 902-893-6506
- Kentville: 902-679-6009
- Yarmouth: 902-774-0102
- Email: [email protected]
Review and Follow-Up: After submission, monitor your email and phone for any follow-up requests or additional information needed by the reviewing office. Respond promptly to ensure a smooth review process.
Approval and Next Steps: Once your application is approved, review the terms and conditions provided. Follow any additional steps required to finalize your participation in the program.