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Fisheries Loan Guarantee Program

We are excited to offer this service to an industry that is the backbone of Newfoundland and Labrador’s culture and identity. Under this program, NLCU can offer loans with flexible rates and terms to fishing enterprises that are planning to purchase licences and vessels. Vessels can be constructed or upgraded under this program as well.

Features

  • The loan amount may be as high as $3,000,000 with a maximum of $1,500,000 for fishing licences only
  • Loans may be fixed rate or variable rate loans
  • The amortization will range from 10 to 20 years
  • Flexible loan repayment options are available, including annual principal payments, assignment of catch and/or a percentage of gross revenue

Loans can be used for such things as

  • Vessel related items such as construction, purchase and/or refit
  • Combining of enterprises and license acquisitions
  • Refinancing of loans owed to fish processors for fixed assets and/or license acquisitions
  • Refinancing of loans previously obtained from processors or chartered banks
  • Fish license acquisitions (concurrent with combining of enterprises)
 

Meet your local business experts

Sheila Hynes-Brenton

Commercial Business Advisor III
NLCU Business Centre
240 Water Street
St. John’s NL A1C 1B7
 (709) 758-0936
 shynes-brenton@nlcu.com

Chantal Welsh

Commercial Business Advisor III
NLCU Business Centre
240 Water Street
St. John’s NL A1C 1B7
 (709) 758-0933
 cwelsh@nlcu.com

Dafna Ziv

Commercial Business Advisor II
NLCU Business Centre
240 Water Street
St. John’s NL A1C 1B7
 (709) 758-0944
 dziv@nlcu.com

Tatum Perham

Commercial Business Advisor II
NLCU Business Centre
240 Water Street
St. John’s NL A1C 1B7
 (709) 758-8218
 tperham@nlcu.com

 

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