Loans to purchase a fishing licence are available for eligible independent fishers who:
- Have never held a licence in the commercial fishery (New Entrant), or;
- Are current commercial fishery licence holders who wish to diversify into a species for which they have never held a licence (New Species).
Financing is available to purchase:
- Licence only or licence and associated gear.
Where a vessel purchase forms part of the licence package, the vessel is to be included on the same Licence Loan Application. The vessel must adhere to the current rules and regulations for vessel loans. See Vessel Loans for further information.
An applicant must:
- Be a Canadian citizen or a registered Nova Scotian company in good standing.
- Be the age of majority at the time of the application.
- Have a Fishing Masters Class certificate or five years experience as captain of a vessel.
- If a new entrant, meet Department of Fisheries and Oceans eligibility requirements.
General Information:
- Loan term is 20 years maximum.
- A detailed five year business plan must be submitted with the application.
- Required deposit for a new entrant licence only or licence and associated gear loan is a minimum of 5%.
- Required deposit for a new species licence only or licence and associated gear loan is a minimum of 10%.
- Interest rate is set quarterly but is fixed for term of loan. Present interest rate is 7.75%.
- A personal guarantee is taken on all loans.
- All loans are subject to an Administration Fee.
- All applications for licence loans will be referred to the Board for approval.
- A Mortgage Registration Fee and/or Personal Property Registration Fee (PPR) will be required.
Click here for application and contact information.
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