Future Fisher Program
Highlights
The Future Fisher Program is designed specifically for new entrants in the PEI lobster fishery. This program offers up to $12,000 in interest relief over three years, making it easier for you to manage the costs of acquiring a fishing license. Additionally, you can receive up to $1,000 towards training initiatives, which will help you gain essential skills and knowledge.
Key Benefits:
- Interest relief: Up to $4,000 per year for three years.
- Training support: Up to $1,000 for training initiatives.
- Coaching and training: Comprehensive support to ensure your success in the lobster fishery.
This program is easier to qualify for than many other financing options, and the continuous intake process means you can apply at any time. By participating, you will receive valuable financial assistance and expert guidance, positioning your business for long-term success.
Financing Details
Type of Financing: Interest Relief
Repayment Terms and Interest Rates:
- Interest Relief: Up to $4,000 per year for three years, with a maximum contribution of $12,000.
- Interest Rate Contribution:
- 2% per year on loans up to $200,000 if you have completed Grade 12 or equivalent.
- 1% per year on loans up to $200,000 if you have not completed Grade 12 or equivalent.
- Note: If you achieve Grade 12 during the three-year period, you may request a change in your contribution percentage.
Eligible Expenses:
- Loans related to acquiring a lobster license.
- Costs associated with training initiatives, with up to $1,000 available. Training costs are normally shared 50-50 between the department and the applicant.
Ineligible Expenses:
- The funds cannot be used for any expenses not related to acquiring a lobster license or approved training initiatives.
Fees:
- There are no fees associated with applying for or participating in this program.
Qualifications
- Must be a resident of Prince Edward Island.
- Must be a minimum of 18 years of age.
- Must have purchased a Class A lobster license after January 1, 2009.
- Must not have held a Class A lobster license in previous years.
Only one applicant per fleet, and this must be the license holder.
Disqualifications:
- Businesses not based in Prince Edward Island.
- Applicants under 18 years of age.
- Applicants who held a Class A lobster license before January 1, 2009.
- More than one applicant from the same fleet.
Description
This program offers your business a chance to receive up to $12,000 in interest relief over three years. This can help you manage the costs of acquiring a lobster fishing license.
What you get:
- Interest relief: Up to $4,000 per year for three years. This can significantly reduce your loan payments.
- Training support: Up to $1,000 towards training costs, shared 50-50 between you and the program. This ensures you have the skills needed for success.
- Coaching and training: Guidance from a program officer and comprehensive training in all aspects of the lobster fishery.
Conditions:
- You must actively participate in and complete the coaching and training milestones to receive the interest relief.
- If you achieve Grade 12 during the three-year period, you can request a higher interest relief percentage.
This program is a valuable opportunity to reduce your financial burden and gain essential skills, setting your business up for long-term success in the lobster fishery.
Program Steps
Download the Application Form: Visit the program's website and download the application form. You can also choose to complete the form online.
Prepare Documentation: Gather the necessary documents to support your application. You will need:
- Vendor registration form
- Letter from your lending institution with details about your loan
- Detailed contact information
- License information (Lobster Fishing Area, Port of purchase, Home port)
- Financing information (Lending institution name, Loan officer, Loan number, Loan amount, Interest rate, Payment amount, Payment frequency, Term, Amortization, Disbursement date)
- Relevant training certificates (Fishing Master IV, Domestic Vessel Safety, Small Vessel Operator Proficiency, First Aid, Restricted Operator's Certificate – Maritime Commercial)
- Education status (Grade 12 diploma or transcripts)
- Vendor registration form and a void cheque
Complete the Application Form: Fill out the application form with all required information. Ensure that all sections are completed accurately.
Upload Documentation: Attach all the gathered documents to your application form. Ensure that each document is clearly labeled and easy to identify.
Submit the Application: Submit your completed application form along with all required documentation. If applying online, ensure all files are uploaded correctly before submission.
Confirmation and Follow-Up: After submission, a program officer will contact you to discuss your application and any additional information needed. Be prepared to provide further details if requested.
Review and Approval: Your application will be reviewed. If approved, you will receive a letter and contractual agreement from the department. Accepting this agreement will formalize your participation in the program.
Participate in Program Components: Actively engage in the coaching and training components of the program to meet milestones and qualify for interest relief.
Monitor Progress: Keep track of your progress and maintain communication with the program officer to ensure all requirements are met throughout the program duration.