Farming Atlantic salmon, Steelhead trout, Atlantic cod and blue mussels in Newfoundland and Labrador has a long history. Great growth performance, coupled with an abundance of available sites, make Newfoundland and Labrador a premiere location for finfish and shellfish aquaculture.
Realizing potential requires significant investment, and access to capital has often been difficult. The Province of Newfoundland and Labrador has established the Aquaculture Working Capital Loan Guarantee Program, the Aquaculture Capital Equity Program and to promote the growth and development of aquaculture in the province.
These initiatives will only be available to companies that can demonstrate strength in all aspects of their business plan from the technical and marketing to the management capabilities. Through these initiatives, existing or new companies that are financially and technically sound will have a greater chance of success by ensuring that sufficient financing is available.
The provincial government has established the Aquaculture Working Capital Loan Guarantee Program. This initiative is designed to facilitate improved access to financing.
The Initiative will only be available to companies that can demonstrate strength in all aspects of their business from the technical and marketing to the management capabilities. Also critical is a strong business plan for growth.
Prospective applicants to the Aquaculture Working Capital Loan Guarantee Program should contact the Department of Fisheries and Aquaculture.
The objective of the program is to partner with companies to increase production from both hatcheries and marine sites in Newfoundland and Labrador. The Program will provide a minimum investment to projects of $250,000 for finfish operations and $100,000 for shellfish to match a private sector cash investment. Prospective applicants to the Aquaculture Capital Equity Program should contact the Director of Aquaculture Development.
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