A $600,000 bridge loan will be offered to the lobster industry in LFA 25 in order to reduce the fall lobster fishing effort and make a preliminary step towards rationalizing the fleet, Fisheries, Aquaculture and Rural Development Minister Neil LeClair announced today.
Details of the announcement were released during a caucus meeting held in West Point. Under the arrangement, the province will provide a low interest loan to the LFA 25 Rationalization Fund to temporarily remove fleets from the fishery while details of an industry-led Lobster Sustainability Plan are finalized.
“The province has agreed to a loan request from LFA 25 fishermen. This money will be used to bank up to 30 licences in advance of the fall fishery. Fishermen have stressed to the province the importance of an opportunity to reduce effort immediately and at a time when it makes the most sense,” said the Minister.
The lobster fishery has been impacted by the global recession that has affected the shore price and the entire value chain. Ports in LFA 25 and LFA 26A have endured a number of years of low catches and escalating costs to fish. The further implementation of the rationalization measures outlined in the province’s Five Point Lobster Plan will take effect once funding from the federal government through the Atlantic Lobster Sustainability Measures Program becomes available.
The province has committed to work with both LFA 25 and LFA 26A toward license rationalization as part of the Five Point Lobster Plan.
“We have been working hard to develop a long term plan for LFA 25,” said Shelton Barlow, President of the Prince County Fishermen's Association. “This funding is critical for our fishery to begin to implement our long-term vision that will result in our industry strengthened for today and future generations.”
“The funding provided today is an initial step to support the fishery in this area. The funds are being delivered with the understanding that an agreement of federal funding is pending for future efforts to sustain the fishery in this area,” said Minister LeClair.