Loans are available to fishers,
associations of fishers or companies for:
- Purchasing or building a fishing vessel.
- Purchasing and installing engines, equipment, and/or electronics.
- Technical modifications.
Loans will not be considered for:
- Vessels less than 22'-0" in length.
- Used vessels over 25 years of age.
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 IV certificate or five years experience as captain of a vessel.
- Have the necessary Department of Fisheries and Oceans license(s).
General Information:
- Minimum deposit is 10% of requested loan amount.
- Interest rate is set quarterly but is fixed for term of loan. Present interest rate is 6.25%.
- Fishing vessel insurance is required on all loans.
- A personal guarantee is taken on all loans.
- All loans are subject to an Administration Fee and a Mortgage Registration Fee.
Repayment Schedule:
| New vessels | 20 years |
| Used vessels |
| 1 year old | 19 years |
| 2 years old | 18 years |
| 3 years old | 17 years |
| 4 years old | 16 years |
| 5 years old | 15 years |
| 6 years old | 14 years |
| 7 years old | 13 years |
| 8 years old | 12 years |
| 9 years old | 11 years |
| 10 years old | 10 years |
| 11 years old | 9 years |
| 12 years old | 8 years |
| 13 to <19 years old | 7 years |
| 19 to 25 years old | 6 years |
| Diesel engines | 8 years |
| Technical modifications | 8 years |
| Equipment/Electronics | 5 years |
Click here for application and contact information.
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