Updated Loan Board Regulations Support Fishery and Aquaculture Businesses

New changes announced today, Dec. 6, will make it easier for harvesters, producers and members of the fishing and aquaculture industries to grow their businesses.

“Fishing and aquaculture are the backbone of the province, providing good paying jobs and economic benefits for those living in our coastal communities,” said Education and Early Childhood Development Minister Zach Churchill, on behalf of Fisheries and Aquaculture Minister Keith Colwell. “The board has helped members of the industries buy new licences, finance or build new boats and buy new equipment, and we want it to continue to offer support for many years to come.”

The changes will streamline processes, which supports government’s goal of reducing regulatory burden on Nova Scotia’s businesses.

The new regulations offer:

• reduced loan approval wait times through increasing lending limits from $1 million to $5 million
• expanded financing to include loans for quota and other fishing and seafood related activities
• reduced interest rates
• open and closed specific term loans, variable interest rates and an increased amortization term from 20 to 30 years
• loan prepayment

The board has supported the fisheries and aquaculture in Nova Scotia for more than 80 years. Financing is available to clients who are likely to succeed and provides reasonable rates for people in the industries to finance their business.

Source: Release