Fisheries  Loans 

The Fisheries Loan Program was established in 1972 to provide a source of capital for Commercial Harvesters, Packers, and Processors. CEDF can provide loans to any "fisherman as defined under the Fisheries Act who holds a license under Part II.1 (licensing) of that Act" (CEDF Act Regulations), as well as to any enterprise whose main source of revenue is derived from "growing, processing or selling fish, or products related to fish that are harvested or grown in the province" (CEDF Act Regulations).

CEDF provides two forms of lending to the Fisheries Industry:

CEDF Harvester Loans:       

Licensed Commercial Harvesters can borrow up to $50,000 (subject to earnings levels) for the purchase or repair of equipment used in a viable fishing operation as well as to assist in the purchase of quota entitlement. Loans are offered at floating rates based on prime or CEDF cost of funds. CEDF levies a premium for life insurance (currently 3/4% per annum) for fishers under the age of 65. CEDF currently offers a 2% Young Fisherman's discount to new fishers.

Some conditions apply:

• CEDF can refuse financing for assets that are in CEDF's opinion not required to harvest fish

• loans may not be used to repair equipment owned by a third party unless the fishers are partners

• loans for quota entitlement are restricted to $1.25 per pound of quota purchase

CEDF Fish Enterprise Loans:

CEDF can provide financing to fisheries related business as noted above. Loans are administered under our Business Loans categories for working capital, equipment, and property.

Contact the Fisheries Loan Officer for your area by dialing (Toll Free) 1-888-347-4678 [1-888-FISH-678]