New Loan Program for Commercial Fishing Licences

The Department of Fisheries and Aquaculture is introducing a new loan program.

Beginning Wednesday April 1, Nova Scotia fishermen can apply for a loan to buy commercial licences, Fisheries and Aquaculture Minister Ron Chisholm announced today, March 26.

"My department is committed to ensuring succession in our inshore fisheries, but I know that access to capital is difficult for young fishermen looking to buy licences," said Mr. Chisholm. "That is why the department has set up a new loans program to finance fishing licences for the sector."

The Department of Fisheries and Aquaculture's licence loan program will help first-time entrants get into the commercial fishery and current licence holders wanting to buy licences for new species get access to financial capital.

"In the past it has been very difficult for our fishing industry to get loans from financial institutions because the licences cannot be used as legal collateral," said Mr. Chisholm. "This new program will make the purchase of licences more accessible for the younger generation."

The term of the loan is for a maximum of 20 years. A minimum five per cent deposit is required for new entrant licences and a 10 per cent deposit is needed for new species licences. Interest is the government rate that is in effect at the time of the loan.

Program information and applications are available on the department website www.gov.ns.ca/fish/fishlb .