Fisheries Loan and Loan Guarantees

📋 Eligible Entities - Commercial fishing businesses operating in Canada - Individual fishers and independent operators - Fishing cooperatives and associations - Fish harvesters engaged in commercial operations - Sole proprietors in the fishing industry - Partnerships involved in commercial fishing - Small to medium-sized fishing enterprises (SMEs) - Must be Canadian residents or Canadian-controlled businesses - Must demonstrate active involvement in commercial fishing operations ### 💰 Funding Details - Loan amounts: Varies based on project scope and vessel/equipment value - Loan guarantees: Government provides guarantee coverage to reduce lender risk (typical guarantee up to 90% of loan value) - Interest rates: Determined by lending institutions; government guarantee may reduce rates - Repayment terms: Extended timelines typical for vessel purchases (up to 15+ years depending on asset lifespan) - Down payment requirements: Generally 10-20% applicant contribution - Non-repayable component: Loan guarantee only (actual funds must be repaid) - Eligibility cap: Loan size tied to vessel value, equipment cost, and business cash flow capacity ### 🛠️ Approved Expenses - New or used commercial fishing vessels (purchase or construction) - Marine engines (purchase, repair, or replacement) - Commercial fishing licenses (acquisition or renewal costs) - Fishing quotas (purchase or lease-to-own arrangements) - Fishing equipment and gear (nets, traps, lines, technology) - Safety equipment and navigation systems - Vessel modifications and upgrades for regulatory compliance - Aquaculture infrastructure (if applicable) - Working capital associated with vessel operation (limited) ### ⚠️ Conditions & Milestones - Business plan requirement: Must submit detailed commercial fishing business plan - Financial viability assessment: Lender/guarantor evaluates repayment capacity - Collateral security: Vessel or equipment typically held as security - Insurance requirements: Comprehensive marine and liability insurance mandatory - Regulatory compliance: Must hold