Oyster Industry Interest Relief Program

The Oyster Interest Relief Program is designed to provide financial relief for eligible fishers, growers, and processors who have experienced over 30% lost income in 2026 as a result of the discovery of MSX and Dermo in PEI waters.

Through Finance PEI and on behalf of eligible businesses, interest costs will be sent to lenders directly on behalf of eligible fishers, growers, and processors to help reduce their debt servicing pressure.

Contact your Finance PEI account manager, email oysterloans@gov.pe.ca, or call 902.368.6200.

Program Details

The Oyster Interest Relief Program is administered by Finance PEI on behalf of the Department of Fisheries, Rural Development and Tourism. Finance PEI will reimburse interest expense incurred to a maximum of 12 months that is owing or owed by PEI oyster growers, processors and fishers for existing term debt (lines of credit excluded) with their financial institutions (ie. chartered banks, credit unions, BDC, Finance PEI, IIDI) for any eligible loans taken out prior to May 1, 2026.

Interest reimbursement will be calculated for the 2026 calendar year.

Eligibility

For an applicant to be eligible for assistance, the following criteria must be met:

• Be a permanent resident of PEI, or a business located on PEI and operating within the PEI oyster industry; 
• Must provide documentation to demonstrate its operations are within the oyster sector on PEI (e.g. hold a license or a lease);
• Provide documentation to validate debt is ‘term debt’ held with a financial institution (ie. chartered banks, Credit Unions, BDC, FPEI/IIDI). 
  • The program excludes revolving credit (i.e., lines of credit and related party debt are not eligible for interest relief)
• The program will provide interest relief on term debt incurred prior to May 1, 2026
• Submit financial reporting to demonstrate a minimum decrease in revenue of 30% over the previous season. Interest relief to be provided to those that can demonstrate a 30% decrease in revenues for the 2026 calendar year over previous year.

Application Process

Applicants will be required to provide the following information in the web-form:

• Personal or Company contact information
• Existing financing information
• Oyster lease number or license number

Applicants will be required to upload the following documentation to the web-form:

• Term debt agreement with financial institutions (including but not limited to loan documents) confirming interest rates and the related purpose of the term debt
• 2025 Income Tax Returns or Financial Statements
• 2026 Income Tax Returns or Financial Statements (when available after December 31, 2026)
• 2026 interest calculation statement from financial institution (when available after December 31, 2026)

The closing date for applications will be May 30, 2027.

Payment Process

Upon approval of the application under the Oyster Interest Relief Program, payment of interest relief on approved claims will be processed and issued to the lending institution directly.

Other Information

• The total obligation of the Government of Prince Edward Island under the Oyster Interest Relief Program will not exceed $3 million dollars.
• Finance PEI reserves the right to offset any interest relief eligibility against other amounts owing to either Finance PEI or the Department of Fisheries, Rural Development and Tourism
• Growers/Processors/Fishers who provide false or misleading information to obtain access to this program will be subject to full repayment with interest, plus any other penalties as deemed appropriate by the corporation and authorities.

How do I apply?

Applications will open in January 2027 when the required 2026 financial statements become available.

For More Information or Application Assistance:

If you have any further questions, please call 902-368-6200 or email oysterloans@gov.pe.ca