Buying a fishing licence, vessel, or aquaculture equipment can cost hundreds of thousands of dollars. For many new and growing operators, getting a loan from a regular bank is hard. Licences and vessels often don’t fit standard lending rules. The good news is that some provinces offer special loan and interest-relief programs for fishers and aquaculture businesses.
This guide explains how to finance fishing and aquaculture licences, vessels, and equipment using Canadian government programs. It focuses on the Future Fisher Program and other provincial loan options.
Most public funding in this sector comes as repayable loans or interest relief. Non‑repayable grants are rare. These programs are designed for the fishing industry, where income is seasonal and assets are expensive.
The Future Fisher Program helps new lobster fishers in PEI by lowering the cost of borrowing to buy a licence.
What it provides
Who is eligible
This program does not give you a loan. Instead, it lowers your interest costs, making licence financing easier in the early years.
GrantHub’s eligibility matcher can help you quickly filter programs by province and industry.
Nova Scotia offers a loan program to help fishers start or return to the industry.
Eligible costs
Funding details
This program is popular with new fishers who can’t get full financing from banks.
If your main cost is the boat, the Vessel Loan Program is for you.
Eligible costs
Funding details
Many people use this loan with licence loans or their own money, as long as total government support stays within program limits.
Aquaculture businesses need different types of financing, and this program helps with that.
Eligible costs
Funding structure
This program is often used by shellfish and finfish businesses that want to grow.
New Brunswick gives loans and loan guarantees to aquaculture businesses.
Eligible costs
Who can apply
Loan guarantees are helpful if banks are unsure about financing marine assets.
Most fishers and aquaculture operators use a mix of funding sources:
If you want to learn the rules, see How to stack grants and loans without violating funding rules.
Thinking programs are non‑repayable grants
Most fisheries programs are loans or give interest relief. Plan your cash flow to handle repayments.
Applying before you have a purchase agreement
Licence and vessel loan programs usually need proof of what you are buying.
Missing residency and licence history rules
Programs like the Future Fisher Program have strict eligibility rules that cannot be waived.
Not checking what equipment is eligible
Not all gear or upgrades qualify. Always check eligible expenses before you buy.
Q: Is the Future Fisher Program a grant or a loan?
The Future Fisher Program gives interest relief, not a non‑repayable grant. You still need a loan to buy the licence, but the program lowers your interest costs.
Q: Can I use more than one provincial program at the same time?
Sometimes, yes. Stacking is allowed in many cases, but total public funding must stay within program limits, and each lender needs to approve the plan.
Q: Do these programs cover used vessels and equipment?
Yes. Programs like Nova Scotia’s Vessel Loan Program allow used vessel purchases, if they meet program requirements.
Q: Are aquaculture start‑ups eligible for financing?
Yes. Both Nova Scotia and New Brunswick offer aquaculture loans for new and expanding businesses, including start-ups.
Q: Is interest relief taxable income?
Interest relief is usually treated differently than cash grants. Check with your accountant, especially if the relief is paid right to your lender.
Q: How can I find out which programs I qualify for?
You can use GrantHub to search and compare active grant and loan programs across Canada for your business profile.
Financing fishing and aquaculture licences, vessels, and equipment is possible for most businesses. The best program depends on your province, the species you work with, and how far along your business is. GrantHub tracks hundreds of active grant and loan programs in Canada and helps you find ones that fit your needs, so you can spend more time applying and less time searching.
Was this article helpful?
Rate it so we can improve our content.
Canada Proactive Disclosure Data
The Canadian government has funded over 400,000 businesses through 1.27 million grants and contributions. Check your eligibility in 60 seconds.