Fisheries Loan Guarantee Program

Newfoundland and Labrador Credit Union is 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.

 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)

 

 

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