Due to growing demand from the fishing industry, builders of fibreglass boats experienced a productive year, Fisheries Minister Jim Barkhouse said today. Fibreglass offers a number of interesting features including efficient hull design, durability, sea-worthiness and stability, the minister said. The majority of customers seeking assistance from the Fisheries Loan Board are involved in the inshore lobster, groundfish and crab fishery, with boats ranging between 35 and 45 feet long. Providing fishery assistance for over 60 years, the Loan Board offers long term, fixed interest rates, which is an important consideration for fishermen doing long term budget and business planning. Mr. Barkhouse said that the loan board's mandatory inspection during construction ensure quality boats, whether new or upgraded.
Boats built with loan board assistance also have a history of receiving good resale value.
The remainder was used for purchasing and upgrading used boats, equipment, engines, and for aquaculture. The minister also said that aquaculture is a growing area of activity for the loan board.