Standard NFA Loan Program

The Native Fishing Association offers loans of up to $500,000 to qualified applicants who submit an application detailing how the funding will benefit their fishing business operations.

What You Can Do With...

Our Loaned Funding

Loans are available for:

1

The purchase of commercial fishing licenses

2

The purchase, maintenance or improvement of fishing vessels

3

The reorganization of debts pertaining to fishing vessels.

Loans

Who Can Apply for a Loan

Loans are available for the purchase of commercial fishing licenses, the purchase of, maintenance or improvement, or debt reorganization, of fishing vessels.

Additionally, to be eligible for a loan, you must:

  • Reside in BC
  • Be of First Nation heritage
  • Demonstrate a need for financial assistance
  • Have suitable fishing knowledge and experience
  • Provide a proposal that makes good business sense
  • Demonstrate that you will be able to repay the loan
  • Demonstrate the ability to provide suitable mortgage security on a licensed fishing vessel or other assets
  • Provide up to 20% of the project cost in cash equity or down-payment

Indigenous Women's Entrepreneur
(IWE) Micro-loan Program

Self-assessment Documents

The Native Fishing Association works exclusively with Indigenous Fishers throughout BC. In light of this we have customized the IWE program to fit within this demographic. Women are the backbone of many fishing families, often performing such tasks as packaging, cleaning, accounting, and marketing. The IWE loan program offers them a chance to turn something they already do into a profitable business.

The IWE loan can be used to purchase fishing or seafood related assets up to a maximum value of $20,000.00. In addition, successful applicants can receive up to 45% in a non-repayable grant! It only requires a 5% (up to $1,000.00) equity and a strong business plan.

The funds can then be used towards a small skiff, a vessel motor, fishing gear, a small seafood processing/cold storage structure, accounting software, marketing courses, food-grade packaging material, etc.

To qualify, the business must be a for-profit organization, such as sole proprietorship, partnership, social enterprise, incorporated company, or co-operative. An Indigenous woman must have at least 51% and demonstrate long -term control and management. They should be playing an active role in the overall operations of the business, as well as the day -to-day activities. Please note that husband and wife partnerships are not eligible for an IWE loan.

NFA will work closely with the applicants, helping to develop their business plan, and to ensure the terms of the loan will not be detrimental to them in any way. We can offer one on one commitment free 30-minute consultations (in person or via zoom) to any interested woman.

Eligibility

Loans are available for the purchase of commercial fishing licenses, the purchase of, maintenance or improvement, or debt reorganization, of fishing vessels.

Additionally, to be eligible for a loan, you must:

  • Reside in BC
  • Be an Indigenous woman of First Nation heritage
  • Demonstrate a need for financial assistance
  • Have suitable knowledge and/or experience in the proposed business
  • Provide a proposal that makes good business sense
  • Demonstrate that you will be able to repay the loan
  • Provide up to 5% of the project cost in cash equity or down-payment

Loans

Equity-Matching Initiative

Grant funds for this Entrepreneur Equity-Matching Initiative are provided by the New Relationship Trust (NRT) and administered by the Native Fishing Association.

This non-repayable grant can only compliment your cash-equity, if your loan has been approved.

When you apply for a loan, we will automatically assess your eligibility for the equity-match grant. The amount given varies and we determine the amount based on your financing calculations.

To be eligible for a matching grant you must:

  • Be a BC First Nation entrepreneur or a First Nation Community business
  • Provide proof of your share of equity; in the form of a down payment or cash in-account.
  • Have not previously exceeded NRT grant funding

How to Apply

We use one standard loan application form for ALL programs.

  1. Complete the application form to the best of your ability.
  2. Back-up information is required. Be prepared to provide the following documentation:
  • Verification of Financial Background.
  • Vessel Registration and Vessel Survey.
  • Detailed Purchase Agreement, Quotes, and/or Estimates.
  • Business Plan, Fishing Access, and Support Letters

 

  1. If you are partnering with others, complete a Co-applicant Information Form for each person.
  2. Scan or photocopy the documents listed above that apply to you, as you need to submit these as part of your application.

Application Process

Our assessment of your loan application takes your entire situation into consideration. While the loan must make sense in terms of helping your business succeed, we also have the flexibility to adjust the terms and conditions for repayment to better suit the individual needs and circumstances of each borrower.

Applications are processed as follows:

Preliminary Review

Applications are first reviewed to ensure that applicants meet the basic qualifications, and that we have all of the information needed. You may be contacted to provide or confirm details or documents submitted.

Business Assessment

The information provided is then assessed from a financial and business perspective.

Discussion

You may be contacted to discuss certain aspects of your application, financial status, or future plans. We may make suggestions or propose an alternative repayment plan.

Approval and Signing

Once the loan is approved, you will sign a contract with us. This legal document will state the terms and conditions of the loan, and the schedule for repayment.

Provision of Funds

The loan amount may be submitted to the seller on your behalf or deposited into your bank account.

making payments

In the application process, we will work with you to arrange a payment schedule before submitting your application to the board. If approved, your payment schedule will be included in your Commitment Letter and Approval Package.

Our preferred method of payment is to have an arranged Pre-Authorized Debit with your bank account. If we cannot obtain this, we accept payments by cheque, money orders, e-transfers etc.

It is in best practice to notify NFA of any late payments or changes affecting your ability to repay.