Early Information for Harvester Enterprise Loan Program

On May 24, 2024, Provincial Government announced a $15 million investment by the Innovation and Business Investment Corporation (IBIC) to launch the new Harvester Enterprise Loan Program (HELP). HELP is an enhancement of the existing Fisheries Loan Guarantee Program, aimed at expanding support for independent fish harvesters and setting the independent fishery up for continued sustainability.

FFAW has been receiving a number of inquiries from members about the Program, particularly how to apply and what information applicants will need to provide. FFAW is working with officials in the Department of Industry, Energy, and Technology to get as many details as possible in advance of the Program being opened for application in July, and can share the following early information:

• Right now, there is no firm date for the Program launch, but it is still on track to be open early/mid July for application

• It is estimated that the Program will facilitate approximately $80-$90 million dollars worth of loans on a case-by-case, first-to-apply basis 

• The Program will still work within a ‘guarantee framework’ by applying for it directly with your bank (not through the FFAW office or provincial government)

• Once the application is ready to launch, provincial government will be hosting information/training sessions with different banks to get them familiar with the loan application and the 5-year no interest, no payments conditions 

• When the application is completed with the bank, the account manager then sends it to provincial government for approval of the down-payment

• Loans from CBDC, BDC, ACOA (anything federally funded) are not eligible for this program (i.e. refinancing)

• The down-payment loan only will be no interest, no payment for the first five years.  Then the loan transitions to low interest (bank of Canada policy rate at date of application) for the term of the loan with the bank

The information that harvesters will be asked to provide in their application will be the same information that the previous Fisheries Loan Guarantee Program required. Click the link below to reference that application to guide you:

Fisheries Loan Guarantee (gov.nl.ca)

Information on the Harvester Enterprise Loan Program can be found at this link:

Harvester Enterprise Loan Program – Industry, Energy and Technology (gov.nl.ca)

FFAW will continue to share more information with members when it is available.