Amendment to Fisheries and Coastal Resources Act Introduced

first_imgA proposed change to the Fisheries and Coastal Resources Act will lead to a more timely and efficient approval process for Nova Scotia fishermen requesting loans or loan guarantees for new boats. An amendment to the legislation was introduced today, Oct. 20, by Agriculture and Fisheries Minister Chris d’Entremont that will allow limits for loans or loan guarantees to be set by regulation. Those limits are currently set by the legislation, which makes it more difficult to adapt to changing economic circumstances and markets. “By setting the approval limit in the regulations, the Fisheries and Aquaculture Loan Board will have flexibility to respond more quickly to changes in the fishing industry,” said Mr. d’Entremont. “Costs for building new boats tend to be higher than the current $500,000 approval limit, which causes delays and creates financial hardships for the applicants and the industry.” Construction costs for boats have increased about 40 per cent since 2000 as a result of escalating costs for materials, transportation costs, overhead costs for builders, and wage increases due to a labour shortage. “The amendment proposed today will allow us to improve service to our clients,” said Mr. d’Entremont. “We will look at changes to the approval limit under the regulations at a later date.”last_img read more