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Financial Assistance For New Fishermen

by the Fish Site Editor
15 June 2011, at 1:00am

CANADA - The Nova Scotia Government's Department of Fisheries and Aquaculture has announced their introduction of a deposit loan programme for fishermen.

Commenting on the programme, Fisheries and Aquaculture Minister, Sterling Belliveau, said the new programme will be most beneficial to young fishermen who are wanting to start up a career. The loans will help provide financial assistance for buying a license, boat and gear.

As access becomes more feasible, it is hoped that more young people will be attracted to entering into the industry.

The programme is therefore also helping the older generations wishing to retire as they can now sell to younger generations who, before, would not have had the financial requirements to do so.

The Nova Scotia Fisheries and Aquaculture Loan Board plan to run the programme by lending the deposit on a licence package and then help arrange the financial payments by sending the new fisherman's payments to the retiring fisherman.

The licence package may include the boat, licence and gear or the licence and gear. A maximum of 25 per cent of the purchase price of the package will be provided.

The term of the loan for a licence is for a maximum of 20 years and for a boat is 20 years less the age of the vessel.

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.

The province introduced the loans for licences programme in 2009. One hundred and sixty-three loans have been approved for lobster, crab, groundfish and tuna licences since the programme began.

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

the Fish Site Editor