The number of young people in Canada becoming fishers is booming, which is good news for the industry.
The Nova Scotia Fisheries and Aquaculture Loan Board says that since they updated regulations to increase the lending limit from $1 million to $5 million in 2018, they have seen a steady uptick in young fishers and new entrants in the industry.
Jennifer Thompson, Director and CEO of the Nova Scotia Fisheries and Loan Board, says the new regulation allows financial flexibility for new, young fishers and reduces the wait times for loan approvals.
“The ordering counselor cabinet takes several months to get an approval for any loan over $1 million,” she explains. “In some cases, the [fishing] seasons aren’t even several months long, and other commercial lenders require higher deposits, shorter amortization. So, it was more difficult for a younger person to meet those requirements.”
Thompson says this loan increase is a sign of a changing fishing industry, as the rising prices of commercial licences, fishing vessels and fishing gear also factor into the updated regulation.
Read more:
https://www.saltwire.com/atlantic-canada/news/the-industry-is-growing-rise-in-young-fishers-a-great-sign-for-lobster-fishing-industry-100664897/