Funding is now available through the Nova Scotia Fisheries and Aquaculture Loan Board to start, expand or purchase a shellfish farming business.

Licensed existing Nova Scotia producers and prospective new shellfish farmers are eligible to apply for secured loans with flexible repayment terms.

“By matching a loan program to the needs of shellfish producers we’re supporting responsible, sustainable growth of our aquaculture industry,” said Fisheries and Aquaculture Minister Keith Colwell. “Starting a new farming business can be challenging because cash flow may not be generated for at least four years, so the loan board is able to adapt its lending terms to suit the customer need.”

Flexibility in payment terms can be packaged to meet the operational needs of the shellfish farm. A business plan must accompany every application.

Financing is available to purchase existing shellfish operations and materials such as collection systems, grow-out equipment, rafts, buoys, flotation devices, anchors, nets, cages for grow-out, small boats, outboard motors and onboard gear-handling devices. Purchases of shellfish seed and spat is also eligible.

The Nova Scotia Fisheries and Aquaculture Loan Board has served the fish harvesting and aquaculture industries since 1936 and manages a loan portfolio of more than $108 million.

To find out more about the loan program or learn how to apply go to http://novascotia.ca/fish/funding-programs/ .

Source: Release