The Honourable Gerry Byrne, Minister of Fisheries, Forestry and Agriculture, today announced approvals though the Harvester Enterprise Loan Program, which was launched in July 2024. It expands support for independent fish harvesters and positions the sector for future success.
To date, the Innovation and Business Investment Corporation (IBIC) has approved the following under the program:
- $3.11 million in loan guarantees
- $474,000 in down payment loans
- $269,000 in interest rebates
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, and must comply with certain conditions, such as a limit on the interest being charged to the harvester.
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.
- Establishing a 10-point plan to advance free enterprise in the fishing sector with strengthened controls over corporate concentration.
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.
The Innovation and Business Investment Corporation (IBIC) operates as a Crown corporation reporting to the Minister of Industry, Energy and Technology. It was established on May 31, 2018, under the Innovation and Business Investment Corporation Act.
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“It’s important that we continue to provide practical solutions to the challenges our fish harvesters face. This enhanced loan program positions our harvesters and our fishing industry towards long-term prosperity.”
Honourable Gerry Byrne
Minister of Fisheries, Forestry and Agriculture
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Harvesters Enterprise Loan Program
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