August 13, 2013
For immediate release
Low-interest Loan Program reopened for Island Lobster Fishers
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“We are reopening and expanding the Fishers Low-interest Loan Program because we know there are fishers who have good prospects for long-term sustainability in this province, provided they are able to get some help with their current financial challenges,” said Minister Roach.
The Fishers Low-Interest Loan Program assists Prince Edward Island fishers experiencing financial difficulties due to rising costs, low landings in some areas and market conditions that have resulted in low shore prices for lobsters.
The program, which began in 2007, will be reopened to allow new clients the opportunity to apply. Eligible fishers in Lobster Fishing Areas 24 and 26A will be able to apply for loans on their fishing-related debts.
In addition, Finance PEI will also be extending the interest rate of four per cent for existing clients under the Fishers Low-interest Loan Program for an additional year, so that clients will receive the lower interest rate for a total of seven years instead of six.
“This government recognizes the contribution the lobster industry has made to the development of our rural communities, and this program is an indication of our belief in this industry as a major pillar of our Island economy,” said Minister Roach.
The program will be opened immediately and applications will be accepted until June 30, 2014.
The Fishers Low-Interest Loan Program is a joint initiative of Finance PEI and the Department of Fisheries, Aquaculture and Rural Development. Guidelines for the program can be obtained online at www.gov.pe.ca/forms/pdf/1781.pdf .