Chisholm said the fisheries department is committed to ensuring succession in the province’s inshore fisheries, but agrees that access to capital is difficult for young fishermen looking to buy licences.
The licence loan program will help first-time entrants get into the commercial fishery and allow current licence holders wanting to buy licences for new species to get access to financial capital.
"In the past it has been very difficult for our fishing industry to get loans from financial institutions because the licences cannot be used as legal collateral," said Chisholm. "This new program will make the purchase of licences more accessible for the yunger generation."
The term of the loan is for a maximum of 20 years. A minimum five per cent deposit is required for new entrant licences and a 10 per cent deposit is needed for new species licences. Interest is the government rate that is in effect at the time of the loan.
Program information and applications are available on the department website www.gov.ns.ca/fish/fishlb .
New loan program for commercial fishing licences
Nova Scotia fishermen will be able to apply for a loan to buy commercial licences as of April 1, Fisheries and Aquaculture Minister Ron Chisholm announced today.
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