The NSW Government has announced that if re-elected, commercial fishers and aquaculture businesses will be able to access funding just like farmers under the Farm Innovation Fund.
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Minister for Primary Industries Niall Blair said the program provided critical access to capital for those who operate fishing and aquaculture businesses.
“Finding loans and good interest rates can often be a challenge for small businesses in the commercial fishing and aquaculture industries – that’s why we are committed to making it easier for the industries by providing this funding,” Mr Blair said.
“Every day our State’s seafood producers put some of the country’s best seafood on our NSW plates, while generating more than half a billion dollars of economic activity each year and employing more than 4000 people.
“Access to this program will mean fishers and aquaculture farmers are able to improve their practices, adopt new technology and further support sustainable practice."
Many of these commercial fishing businesses will not want to access this because it is adding debt to their businesses
- Mick Veitch, Shadow Minister for Primary Industries
He said the funding would also give wholesalers the ability to upgrade their facilities and improve their weighing and handling systems - this could involve investing in vessels that were more efficient, new fishing gear, new transport and/or logistics solutions.
“Traditionally, the lack of available and affordable capital to assist in the uptake of these technologies has been an impediment to the long-term growth of the industry.”
This announcement comes off the back of the NSW Liberals & Nationals’ commitment to boost the Farm Innovation Fund by $350 million to $1 billion.
Shadow Minister for Primary Industries, Mick Veitch, said the NSW Government's commercial fishing reforms have had a negative impact on many small to medium sized family businesses along the coast.
"Many of these commercial fishing businesses will not want to access the Government's election announcement because it is putting more debt onto their businesses," Mr Veitch said.
"Many family run commercial fishing businesses have already had to borrow heavily just to keep doing what they have been doing for many years."
