Canada Injects $62.5M To Stabilize Canadian Fish Industry. The Fund Will Help The Financial Strain On Fishers
Today Bernadette Jordan, Minister of Fisheries, Oceans, and the Canadian Coast Guard, announced $62.5 million of new assistance to the fish and seafood processing sector. This new Canadian Seafood Stabilization Fund will help businesses:
- access short-term financing to pay for maintenance and inventory costs;
- add storage capacity for unsold product;
- comply with new health and safety measures for workers;
- support new manufacturing/automated technologies to improve productivity and quality of finished seafood products; and,
- adapt products to respond to changing requirements and new market demands.
This investment will help ensure the resilience of the food system by allowing Canada’s fish and seafood processing sector to safely and efficiently process, store, package, and distribute healthy, high-quality products, sourced from our fish harvesters and aquaculture operators, onto the plates of Canadians.
“The women and men in our fish and seafood sector have been feeding this country for generations. Through the new Canadian Seafood Stabilization Fund, our government is investing directly into this sector, ensuring the industry has the support it needs to adapt to current realities brought on by COVID-19.
The Honourable Bernadette Jordan, Minister of Fisheries, Oceans, and the Canadian Coast Guard
The funding announced today provides tangible assistance to help address the financial strain and instability that the fish and seafood processing sector is facing.
The Canadian Seafood Stabilization Fund will be delivered through the Atlantic Canada Opportunities Agency, Canada Economic Development for Quebec Regions, and Western Economic Diversification Canada. Further details on how and when processors can apply for assistance will be confirmed at a later date.