Aquaculture Loan Program
Loans are available to develop and sustain aquaculture for finfish, shellfish and seaplants.
The applicant must:
- Be a Canadian citizen or a registered Nova Scotian company in good standing.
- Show evidence of competency in aquaculture.
Financing is available for:
- Salmonoid seed stock
- Shellfish seed/spat
- Collection materials, grow-out equipment and materials
- Rafts, buoys, floatation devices, anchors, nets, cages for finfish grow-out, small boats, outboard motors and onboard gear handling devices
- Purchase of existing operations
Note: Motor vehicles, real estate and feed are not eligible for financing.
- Minimum deposit is 10 percent of requested loan amount.
- Security: Chattel mortgage on equipment. Promissory note, personal guarantee and insurance on gear.
- All loans are subject to an Administration Fee and a Personal Property Registration (PPR) Fee.
- Interest rate is set quarterly but is fixed for term of loan.
Open Interest Rates
Effective July 1st, 2019 (applicable to loans approved on or after this date while these rates remain in effect)
|Length (years)||Full Term|
Closed Interest Rates
|Length (years)||Full Term||*10 Yr Term||*5 Yr Term||*3 Yr Term|
* 3, 5 and 10 year term rates available to clients meeting risk, cashflow, and collateral requirements.
|Finfish fry||Upon harvest|
|Finfish - equipment||10 years maximum|
|Mussel spat||Upon harvest|
|Mussel - equipment||10 years maximum|
|Oyster spat||Upon harvest|
|Oyster - equipment||15 years maximum|