Updated loan board regulations support fishery and aquaculture industries
Changes to loan board regulations were announced by the province today.
The government says the new regulations will streamline processes, which in turn will support its goal of reducing the regulatory burden on Nova Scotia businesses.
The changes include:
- reduced loan approval wait times through increased lending limits from $1 million to $5 million
- expandable financing to include loans for quota and other fishing and seafood related activities
- reduced interest rates
- open and closed specific term loans, variable interest rates and an increased amortization term from 20 to 30 years
- loan pre-payment
The province says the new regulations will make it easier for harvesters, producers and members of the fishing and aquaculture industries to grow their businesses.