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The following is a brief general description of programs that may be available to aquaculture industry participants. Detailed information on specific programs may be obtained by contacting the appropriate agency directly. Further general information may be obtained by contacting the Nova Scotia Fisheries and Aquaculture (902) 424-0356 or (902) 424-3397.
- Fisheries and Aquaculture Loan Board
Nova Scotia Fisheries and Aqaculture
Will directly finance fish, shell stock and related growout and hatchery related equipment (not feed ). Aquaculture working capital loan guarantees for feed or operating costs are available through the chartered banks. Amounts are flexible, bank rules apply, and the line of credit must revolve through each growing cycle. Contact Bruce Cox (902) 424-0313 or Patsy Beaton (902) 424-0314.
- Fisheries and Aquaculture Development Program
Nova Scotia Fisheries and Aquaculture
Assistance is available and is designed to support new or improved harvesting and processing technology, aquaculture development and new community based infrastructure. Technology transfer involving development, research projects or travel missions are eligible. Maximum funding is $50,000. Assistance may vary from 25% to 100% of eligible costs depending on project particulars. Contact Bruce Osborne 424-0352 or Linde Greening 424-0161 or inquire at local Nova Scotia Fisheries and Aquaculture & Fisheries Representative office.
- National Research Council - Industrial Research Assistance Program (IRAP)
Field Advisory Service, Technology Enhancement Projects Program, Research Development and Adaptation Program. Focused on funding research and development in companies to cover labour, salary and research costs, not capital or equipment. Contact Andy Woyewoda 420-4670 or Don Douglas 426-8589.
- Industry Canada
Program for Market Export Development (PMED) - Financial assistance for marketing activities outside Canada. Cost sharing on 50/50 basis up to $50,000 for international marketing activities. Shared costs include: Return economy airfare to foreign market, cost of participating at foreign market trade fairs, product testing by foreign standards agencies for market certification, production of promotional material for target markets. Contact Industry Canada trade commissioner for aquaculture at 426-2624, Mark Craig at 426-9958, or Janis Raymond at 424-0330 or N.S. Business Service Centre 426-8604.
- Farm Credit Corporation
Have recently established guidelines to finance aquaculture. Must be an established viable business with successful harvest cycles completed. High priority and emphasis placed on security and conventional financing terms. Contact Mike Foster 679-5722.
- Atlantic Canada Opportunities Agency (A.C.O.A.)
Will finance many requirements related to aquaculture. Will provide repayable loans as a percent of capital costs to the following limits to a maximum of $500,000.
- 50% - expansion of traditional/existing production facilities.
- 50% - start-ups of new establishments, modernizations or products.
- 75% - hiring consultants or marketing / consultant studies marketing activities.
product R&D, pilot plants, productivity improvement etc.
Repayable loans are unsecured and non - interest bearing for three years with incremental increases in interest rates each following year. Contact Jim MacNeil 426-1343 N.S. Mainland or Kevin Elworthy 564-3840 or Al England 625-3111, Enterprise Cape Breton.
- N.S. Department of Economic Development
Operate through the Community Business Loan program. First step loans (up to $10,000) and Small Business Growth Loans ( up to $50,000 ). May be able to contribute to financing package for an aquaculture operation under certain specific conditions. Contact Canada / Nova Scotia Business Service Centre Phone - 426-6530 or 1-800-668-1010 for regional office contacts.
- Canada / N.S. Co-Op Agreement - Resource Competitiveness Program / Strategic Sectors
In effect from 1996 to 2001. Assistance is available in the following general areas. Salmonid culture, Marine Finfish culture, Shellfish culture, Broodstock development, Product development and Marketing and Environmental interactions. Applicants must be actively involved in the aquaculture industry and have acquired all appropriate licenses, leases and permits. Assistance ranges from 25-80 % of eligible costs. Direct equity investment is required for the balance of costs. Eligible costs include assets paid for by applicant, related infrastructure, direct costs related to design, acquisition, construction, modification, conversion, transportation and installation. Project proposals must include the following elements; new or innovative approaches, techniques or technologies, adequate technical, operational and biological detail, a benefit to the industry as a whole and job creation. Submission of a final report is required and can be made available to interested parties. Contacts are Gary Scott - N.S. Fisheries & Aquaculture 424-0344 or Brenda Bradford - D.F.O. 426-6947.
- Business DevelopmentBank Canada
Have programs or financing, including working capital, term loans, venture loans and patient capital, planning, counseling, available on conventional terms. Applicants must have proven management, earnings and future growth prospects. Ph. 426-7867
- Human Resources Development Canada
Green Projects Wage Subsidy Programs and Transitional Jobs Fund, which may be applicable to aquaculture, are available to those who qualify under the T.A.G.S. program. Access to funding is dependent on the particular project or situation and may be up to 50% of eligible costs. Inquiries may be made at your local Canada Employment Centre.
- Working Ventures Capital Fund Inc.
A labour sponsored investment fund that will provide venture capital / equity financing and managerial support to companies meeting required criteria for participation such as having acceptable management experience, future potential and acceptable business plan etc. Contact is Steve Lund 492-2292
- Scientific Research Tax Credit - Revenue Canada
A tax credit may be available for businesses that qualify. Technical and financial review of the project or business are required. Major criteria for eligibility are technological uncertainty, content and advancement. Sophistication is not a necessity and size is not important. Only specific related project costs are eligible. Forms are submitted with the business tax return after a financial and technical review and verification of the project or business activity. Further information is available by calling N.S.D.A.F. 424-3397 or 424-0356 or Revenue Canada.
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