Fisheries, Aquaculture and Rural Development Minister Neil LeClair informed that fishers across this province are experiencing financial struggles due to causes that range from low shore prices, to increasing costs and the global recession. He added that the government is renewing and expanding the low interest loan program because there are fishers who have good prospects for long-term sustainability provided they are able to get some help with their current financial challenges.
It is mentioned that the renewed program follows on its successful introduction in 2007-08. At that time, approximately 150 fishers in LFAs 25 and 26A were approved for loans totalling about $20 million. The program is a component of the province’s Five Point Lobster Plan, announced in the spring of this year. LeClair confirms that the Five-Point Plan is specifically designed to build strength and sustainability within the lobster fishery — while assisting fishers with the current global economic downturn.
He further opined that the renewed program will be administered by the Prince Edward Island Lending Agency and supported by the Department of Fisheries, Aquaculture and Rural Development. The loans will be provided at an interest rate of four percent for a term of five years. The program will be opened immediately and applications will be accepted until June 30, 2010.
