A new low interest loan program targeting lobster fisherman is taking off according to new data released today. The low interest loans have been offered to help fisherman consolidate their existing loans and get better equipment to further their businesses. The result so far has been 136 new loans issued and many more are in the approval stage right now. This is one of the few programs offering low interest loans right now and demand is expected to be quite high for the duration of the program. Regular banks have stopped offering low interest loans at these rates, so for the fisherman, this may be the best deal they can get.”There’s been a total of approximately $18 million in consolidated fishermen’s debt to help deal with the situation in the Northumberland Strait,” said Fisheries, Aquaculture and Rural Development Minister Allan Campbell . “There’s an over 80 per cent approval rate to date, but we will be evaluating this program to see if there is a way that we can take a great program and make it better,” Campbell added. “The challenge with implementing any new program is you don’t have anything to go on from the past.”
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