Fisheries and Aquaculture Minister Sterling Belliveau informed that the decision will make life more affordable for younger fishermen who are looking to start their own fishing business. He added that it is important that there are programs available that encourage new entrants to the fishing industry.
The minister said that the program will allow the Nova Scotia Fisheries and Aquaculture Loan Board to lend the deposit on a licence package and help arrange the financial payments by the new fisherman to the retiring fisherman. The licence package may include the boat, licence and gear or the licence and gear. A maximum of 25 percent of the purchase price of the package will be provided.
According to Belliveau most of the commercial fishermen are on the verge of retirement and want to sell their business, but the younger generation may not qualify for a total financing package to purchase a licence, boat and gear. This program makes the purchase of licences more accessible. The term of the loan for a licence is for a maximum of 20 years and for a boat is 20 years less the age of the vessel. A minimum five per cent deposit is required for new entrant licences and a 10 per cent deposit is needed for new species licences. Interest is the government rate that is in effect at the time of the loan.
