Enhanced Financing-Mentoring For Fishery Businesses

A memorandum of understanding between the Nova Scotia Fisheries and Aquaculture Loan Board and the Nova Scotia Co-operative Council will enhance access to financial services and business mentoring for fish harvesters and sea farmers.

The partnership will help loan board clients get financing, such as working capital loans and lines of credit, through the council’s member credit unions.

“Fish harvesters and sea farmers need access to expanded loan services in order to develop their industries and grow our rural economy,” said Fisheries and Aquaculture Minister Keith Colwell. “This agreement enhances access to those services for the loan board’s clients by linking them to working capital and lines of credit.”

The Nova Scotia Fisheries and Aquaculture Loan Board seeks to encourage, sustain, improve and develop the province’s fishing industry. The partnership will create a new financing stream for fisheries and aquaculture under the Nova Scotia Small Business Loan Guarantee Program which is administered through the council.

“The board is focused on meeting the needs of its clients and enhancing the quality of service we provide to the industry,” said Roy Surette, chair of the Nova Scotia Fisheries and Aquaculture Loan Board. “The partnership with the co-operative council helps us do that and is a win for our clients and the communities that the credit unions serve.”

Clients will also be able to access mentoring through the co-operative council’s business network.

“Our credit union loan programs have been very successful in providing financial support to businesses across Nova Scotia, particularly those in our resource-based sectors,” said Dianne Kelderman, president and CEO of the Nova Scotia Co-operative Council. “We look forward to building our relationship with the Nova Scotia Fisheries and Aquaculture Loan Board and to supporting fishery-related businesses as they create jobs and contribute to their local communities.”

Information about the Nova Scotia Co-operative Council is available at novascotia.coop. Programs offered by the Nova Scotia Fisheries and Aquaculture Loan Board can be found under funding programs at novascotia.ca/fish/.

Source: Release

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