Vessel Loan Program
Highlights
This program is designed specifically for businesses like yours in Nova Scotia's seafood industry. Whether you are a new fisher, sea farmer, or boat builder, this program offers tailored financial support to help you grow and diversify your operations.
Why apply? The program provides responsible lending with phenomenal interest rates that are often better than traditional banks. You will benefit from a team that understands your industry and offers exceptional support. The financing can be used for various needs, including new equipment, operating expenses, and expansion projects. Approval is straightforward, and the Loan Board is committed to your success, even during tough times. This program is a reliable partner in ensuring your business thrives.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Interest Rates: Competitive and fixed, ensuring predictable payments.
- Repayment Term: Up to 20 years, providing flexibility and ease in managing cash flow.
Eligible Expenses:
- Purchase of new or used fishing vessels.
- Construction or repair of fishing vessels.
- Acquisition of fishing licenses.
- Purchase of equipment related to fishing or aquaculture operations.
- Expansion or diversification of existing operations.
Ineligible Expenses:
- Personal expenses.
- Non-fishing related business activities.
- Real estate purchases not directly related to fishing or aquaculture operations.
Fees:
- Application Fee: $100, non-refundable.
- Processing Fee: 1% of the loan amount, capped at $1,000.
- Late Payment Fee: 2% of the overdue amount, applicable if payments are delayed.
Qualifications
- Must be a fisher, sea farmer, or boat builder.
- Business must be located in Nova Scotia.
- Must be involved in the seafood industry.
Must be looking to diversify or expand operations.
Disqualifications:
- Businesses outside of Nova Scotia.
- Businesses not involved in the seafood industry.
Description
This program offers your business financial support through loans. You can use these loans to buy new equipment, expand your operations, or diversify your services. Whether you are a new fisher, sea farmer, or boat builder, this program is designed to help you grow.
You can borrow significant amounts to meet your business needs. The loans come with competitive interest rates and flexible repayment options. This means you can manage your finances better and focus on what you do best—running your business.
The program is tailored to support sustainable fish harvesting and aquaculture sectors. By participating, you get access to funds that can help you thrive and succeed in your industry. This is a great opportunity to secure the resources you need to take your business to the next level.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (last 3 years)
- Proof of Ownership or Lease Agreement
- Personal Identification
- Credit History Report
- Projected Financials (next 3-5 years)
- Quotes or Estimates for Equipment/Expansion
Complete the Application Form:
- Visit the Nova Scotia Fisheries and Aquaculture Loan Board website.
- Download and fill out the application form.
Prepare a Detailed Project Proposal:
- Outline the purpose of the loan.
- Describe how the funds will be used.
- Include timelines and expected outcomes.
Contact a Loan Officer:
- Reach out to a loan officer for guidance.
- Discuss your project and any specific requirements.
Submit the Application:
- Ensure all forms and documents are complete.
- Submit the application online or at a field office.
Attend an Interview:
- Be prepared to discuss your business and project in detail.
- Answer any questions the loan officer may have.
Review Loan Terms:
- Understand the interest rates and repayment options.
- Clarify any terms or conditions before accepting the loan.
Receive Loan Approval:
- Upon approval, review the final loan agreement.
- Sign the necessary documents.
Disbursement of Funds:
- Funds will be released according to the agreed schedule.
- Begin your project as planned.
Regular Reporting:
- Provide periodic updates on the project's progress.
- Submit financial reports as required by the Loan Board.