The Provincial Government is now accepting applications for its new Harvester Enterprise Loan Program. This initiative is an enhancement of the Fisheries Loan Guarantee Program and will expand support for independent fish harvesters and position the sector for future success.

The Harvester Enterprise Loan Program supports the development of the province’s independent fish harvesting industry through loan guarantees, down payment loans and interest rebates to fish harvesters.

Qualified harvesters applying for a loan with an eligible financial institution that will be guaranteed by the Provincial Government may be eligible to receive a down payment loan through the Department of Industry, Energy and Technology, as well an interest rebate to reduce financing costs associated with the loan from the financial institution.

Harvesters interested in applying for the program should complete an application form available on the Harvester Enterprise Loan Program website and contact their local financial institution to inquire about obtaining a loan to be guaranteed by the provincial government. The financial institution will subsequently coordinate the application with the Department of Industry, Energy and Technology regarding the loan guarantee, and the department will coordinate with the harvester directly regarding the down payment loan and interest rebate.

The program represents an investment of up to $10 million towards the down payment loans and up to $5 million for the interest rebates. Approvals will be based on budget availability and applications will be reviewed on a first-come, first-served basis.

The program offers increased loan guarantees of up to $2 million for license acquisition, $3 million for vessel-only related items, and $4 million for combining of enterprises. Guaranteed loans are negotiated between the harvester and their financial institution.

The Harvester Enterprise Loan Program is the latest initiative the Provincial Government has undertaken to position the province’s fishing industry for future success. Other initiatives include:

• Permitting outside buyers to apply for fish buyer licences for seafood products harvested in this province.
• Increasing processing capacity for the crab fishery based on an increased Total Allowable Catch for 2024.
• Agreeing to undertake a comprehensive review of the provincial fishing sector.

These measures are in addition to ongoing advocacy to the Federal Government on management decisions and funding of projects through the federal-provincial Atlantic Fisheries Fund.