Buying your first lobster licence in Prince Edward Island can be costly. Interest charges alone may impact your cash flow during the early years. The PEI Future Fisher Program offers support to new lobster fishers by helping with interest costs and providing training and coaching for long-term success.
This guide explains how the program works, who can apply, and what to expect from the application process.
The Future Fisher Program is a provincial support initiative managed by the Government of Prince Edward Island through the Department of Fisheries, Tourism, Sports and Culture. Rather than a traditional grant, it provides interest relief on loans used to acquire a Class A lobster licence, as well as access to training and coaching.
Key features include:
As of June 2024, the program is open and applications are accepted through the PEI government website.
Before you apply, check that you meet all eligibility criteria. The program is designed for new entrants to the lobster fishery.
To qualify, you must:
If you have ever held a Class A lobster licence before, you are not eligible for this program.
The Future Fisher Program does not provide cash up front. Instead, it helps reduce your financing costs over time and supports you in building skills for a successful fishing business.
Support includes:
The interest relief applies to a repayable loan, so you are still responsible for paying back the loan principal.
Applying is straightforward, but timing is important. You should apply as soon as your licence purchase and financing are in place.
Check your eligibility
Gather your documents
Submit your application online
Connect with a program officer
GrantHub’s eligibility matcher can help you compare fisheries programs by province and funding type, which is useful if you want to combine provincial support with federal programs.
Assuming this is a non-repayable grant
The program provides interest relief, not free money. You still repay the loan principal.
Applying if you previously held a licence
If you have ever held a Class A lobster licence, you are not eligible.
Not matching the loan to licence acquisition
The loan must be directly related to purchasing the lobster licence.
Skipping the training and coaching
Training and coaching are required parts of the program. Not participating can affect your eligibility.
Q: How much support can I receive from the PEI Future Fisher Program?
You can receive up to $4,000 per year in interest relief for three years. The maximum total support is $12,000.
Q: Is the Future Fisher Program repayable?
Yes. The support covers interest on a repayable loan. The interest relief itself is not repaid, but you must repay the loan principal.
Q: What expenses does the program cover?
It covers interest costs on loans used to acquire a Class A lobster licence. It also includes training and coaching supports.
Q: Can I apply if I previously held a lobster licence?
No. You cannot have previously held a Class A lobster licence.
Q: Is the interest relief considered taxable income?
Interest relief is not the same as a grant. Check with your accountant about how it affects your taxes.
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