Loans & Grants
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:
- the purchase of commercial fishing licenses;
- the purchase, maintenance, or improvement of fishing vessels; or,
- the reorganization of debts pertaining to fishing vessels.
Who can apply for a loan
To apply for a loan, you must:
Reside in BC
Be of Indigenous heritage
Be the owner of or partners in a viable enterprise under competent management
Demonstrate a need for financial assistance
Demonstrate that you will be able to repay the loan
Have suitable fishing knowledge and experience
Provide a proposal that makes good business sense
Demonstrate that there are no existing loans, liens, or other commitments pertaining to the vessel or other business assets
Demonstrate the ability to provide suitable collateral (loan security) on a licensed fishing vessel or other assets
Provide up to 20% of the loan value in cash as a down payment
See Grants Below for More Information
How applications are
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
Review and Approval
Reviewers will consider the viability of the proposal, the risk of non-repayment, the proposed use of funds and how this will contribute to the business’s profitability, the availability and value of assets proposed as security, and the application’s compatibility with the goals and objectives of the Native Fishing Association.
Reviewers who agree to approve a loan will also set the terms and conditions of the loan, as well as the method, frequency, and amount of loan payments.
Provision of Funds
If your loan application is approved, the terms and conditions will specify a repayment schedule and the amount you are required to repay on each date. Payments will usually be required by post-dated cheques or pre-authorized debits, although in some circumstances, we will also accept assignment of your accounts receivable and contracts.
Qualified applicants who would be approved for a loan except that they are not able to provide the required 20% down payment, may be eligible for an Entrepreneur Equity-Matching Initiative grant of up to $5,000 or 25% of the loan amount, whichever is less.
If you meet the criteria below, the information provided in your loan application will be used to determine if a grant will be offered as part of your loan package. Please note that you do not need to submit a separate application to receive a grant.
How grant decisions are made
There is a limited amount of grant funding available each year and priority is given to Indigenous BC entrepreneurs who are residing on reserve. If the loan is going to be approved, and the grant will ensure that the applicant can meet their down payment requirements, as long as you are eligible and funding is still available, the grant will be approved.
Grant funds for this Entrepreneur Equity-Matching Initiative are provided by the New Relationship Trust (NRT) and administered by the Native Fishing Association.