Future Fisher Program

If you are a new entrant in the lobster fishery in Prince Edward Island, you may be eligible for support through the Future Fisher Program. This program offers training and financial assistance to aid new entrant lobster fishers to become better positioned for success in the PEI lobster fishery.

Applications are accepted as a continuous intake and are reviewed first-come, first-served. If the number of applications exceeds budget allocation in a fiscal year, some applications may not receive program funding or will be deferred until the following year.

Am I eligible for Future Fisher Funding

To participate in the Future Fisher program, you must:

• Be a resident of Prince Edward Island and be a minimum of 18 years of age.
• Have purchased a Class A lobster license after January 1, 2009, (as recognized by the PEI Provincial Department of Fisheries) and have not held a Class A lobster license in previous years.
• Only one applicant will be accepted per fleet under the Future Fisher Program, and this shall be the license holder.

What support is offered through the Future Fisher Program?

The Future Fisher Program includes three components:

1. Program facilitation assistance.
2. Training involving all aspects of the lobster fishery, and 
3. Reduced interest for three consecutive years for the cost of acquiring a fishing license.

Note: To receive interest relief, you must actively participate in and complete milestones of the coaching and training components.

How much financial assistance is offered?

If you have borrowed money from a recognized financial institution to purchase fishing related assets, i.e., chartered bank, Credit Union, or PEI Lending Agency, you may be eligible to receive interest relief – up to $4,000 per year for three years for a maximum contribution of $12,000.

Interest relief on loans related to acquiring a lobster license is calculated as follows:

• Grade 12 or equivalent completed – receive 2% contribution per year on loans up to $200,000 
  OR 
• Grade 12 or equivalent yet to be completed – receive 1% contribution per year on loans up to $200,000 
• In addition, each applicant is eligible to receive up to $1,000 toward the costs of training initiatives. Assistance for training initiatives will normally be cost-shared between the department and the applicant on a 50-50 basis.

Please note: If you achieve Grade 12 during the three-year tax relief period, you may request a change in your contribution percentage.

How do I apply for the Future Fisher Program?

* You must submit your application prior to any financial commitment being made under this program.

Submit your completed application with all relevant documentation.

1. Download the application form, or 
2. You will have to submit supplementary documentation. If completing online through the webform, have these documents completed before beginning the online application and you can attach them to your online submission.

• Vendor registration form.
• Letter from lending institution (see below "What do I need to complete the online form?" for content requirements)

Click on the button below to complete the application and upload documents online. Following submission, the program officer will contact you to discuss your application and related documents.

What do I need to complete the online form?

Your application must be complete, and all required documentation attached before it will be reviewed.

You will be asked to enter information and upload documentation as follows:

• Detailed contact information
• License information
  • Lobster Fishing Area (LFA)
  • Port of purchase
  • Home port
• Financing information including:
  • Lending institution name and branch location
  • Loan officer/account manager
  • Loan number
  • Exact name of loan holder(s)
  • Loan amount
  • Interest rate
  • Payment amount
  • Payment frequency
  • Term
  • Amortization
  • Disbursement date
  • A letter from your lending institution outlining all the information listed above as well as terms and conditions of your fishery loan.
• Relevant training courses acquired, including:
  • Fishing Master IV
  • Domestic Vessel Safety (DVS)
  • Small Vessel Operator Proficiency (SVOP)
  • First Aid
  • Restricted Operator's Certificate – Maritime Commercial (ROC-MC)
• Education Status – If you have Grade 12 or equivalent, upload diploma or grade transcripts.
• Vendor Registration Form and void cheque

You will be asked to complete a CAPTCHA exercise to confirm you are a human visitor and you will be invited to review and print your information before you submit your form.

How long will it take to complete the online form?

If you have the information gathered and documents ready to upload, you can complete the form in less than 30 minutes.

What else do I need to know about this program?

1. Upon approval under the program, a letter and contractual agreement will be forwarded to you which, when accepted, will constitute a contract between yourself and the department.
2. If you sell the fishing enterprise at any time during the three-year approval period, you may be required to re-pay all or a portion of the interest relief.
3. The department may refuse to consider an application if there is evidence of misrepresentation of pertinent information or if the application does not conform to the spirit of the program.
4. In any matter if difference between the Minister and the applicant throughout the life of the project, the decision of the Minister will be final.

Who can I contact for information about the Future Fisher Program?

Program Officer, Future Fisher Program
Reagan MacDonald
PEI Department of Fisheries, Tourism, Sport and Culture
PO Box 1180, Montague, PE C0A 1R0
Email: reagmacdonald@gov.pe.ca
Phone: (902) 838-0980
Cell: (902) 218-4926
Fax: (902) 838-0975
Toll Free: 1-877-407-0187