First Boat Completed Under Prototype Boat Credit Facility Loan Program
ECONOMIC DEVELOPMENT--First Boat Completed Under Prototype Boat Credit Facility Loan Program
Nova Scotia's boat builders are sailing into new markets with support from the Nova Scotia government.
The newly redesigned Cabot 36, a classic blue water sailboat, was relaunched at the Halifax International Boat Show today, Feb. 17, by YachtSmiths International Inc. of Dartmouth, nearly 30 years after its predecessor was unveiled to the public.
"The Cabot is the realization of a dream for us and we have a production boat to offer to our markets in America and Europe," said Brian Smyth, managing partner of YachtSmiths International. "Thanks to the help of the Prototype Boat Credit Facility loan, in little more than three months we were able to prepare the mold, complete our re-designs and build this boat. It is quite an accomplishment for a small firm like ours and our team did a terrific job."
The redesign of the craft was made possible by a repayable loan under the $1.5-million Prototype Boat Credit Facility announced by Premier John Hamm last July.
"The loan program offers new opportunities for boat builders with the assistance of the provincial government and its partners," said Economic Development Minister Ernest Fage. "In recent years the industry has increased its capacity by more than 500 direct and spin-off jobs and increased sales to $80 million."
"The future of Nova Scotia's boat building industry relies on the design and technology innovations of the industry supported by this loan program," said acting Agriculture and Fisheries Minister Richard Hurlburt. "YachtSmiths International has taken a new vision of the Cabot 36 and turned it into a dynamic offering of Nova Scotia's boat building industry."
The Prototype Boat Credit Facility loan program provides members of the Nova Scotia Boatbuilders Association with financing for the design, construction and sea trials of new or improved boats that are targeted to the export market, recreational boating and coastal fisheries.
The Office of Economic Development underwrites the loan program, and the Nova Scotia Fisheries and Aquaculture Loan Board, through the Department of Agriculture and Fisheries, oversees it by providing technical support to ensure designs meet current standards.
"While all of these partners make the program possible, it's the vision and expertise of boat builders like YachtSmiths International, the designing partner, that make vessels like the Cabot 36 a reality," said Tim Edwards, executive director of the Nova Scotia Boatbuilders Association.
The public has an opportunity to see the Cabot 36 at the 2005 Halifax International Boat Show, which opened today at noon and runs until 5 p.m. Sunday, Feb. 20 at Exhibition Park.