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First Boat Completed Under Prototype Boat Credit Facility Loan Program

first_imgECONOMIC DEVELOPMENT–First Boat Completed Under Prototype BoatCredit Facility Loan Program Nova Scotia’s boat builders are sailing into new markets withsupport from the Nova Scotia government. The newly redesigned Cabot 36, a classic blue water sailboat, wasrelaunched at the Halifax International Boat Show today, Feb. 17,by YachtSmiths International Inc. of Dartmouth, nearly 30 yearsafter its predecessor was unveiled to the public. “The Cabot is the realization of a dream for us and we have aproduction boat to offer to our markets in America and Europe,”said Brian Smyth, managing partner of YachtSmiths International.”Thanks to the help of the Prototype Boat Credit Facility loan,in little more than three months we were able to prepare themold, complete our re-designs and build this boat. It is quite anaccomplishment for a small firm like ours and our team did aterrific job.” The redesign of the craft was made possible by a repayable loanunder the $1.5-million Prototype Boat Credit Facility announcedby Premier John Hamm last July. “The loan program offers new opportunities for boat builders withthe assistance of the provincial government and its partners,”said Economic Development Minister Ernest Fage. “In recent yearsthe industry has increased its capacity by more than 500 directand spin-off jobs and increased sales to $80 million.” “The future of Nova Scotia’s boat building industry relies on thedesign and technology innovations of the industry supported bythis loan program,” said acting Agriculture and FisheriesMinister Richard Hurlburt. “YachtSmiths International has taken anew vision of the Cabot 36 and turned it into a dynamic offeringof Nova Scotia’s boat building industry.” The Prototype Boat Credit Facility loan program provides membersof the Nova Scotia Boatbuilders Association with financing forthe design, construction and sea trials of new or improved boatsthat are targeted to the export market, recreational boating andcoastal fisheries. The Office of Economic Development underwrites the loan program,and the Nova Scotia Fisheries and Aquaculture Loan Board, throughthe Department of Agriculture and Fisheries, oversees it byproviding technical support to ensure designs meet currentstandards. “While all of these partners make the program possible, it’s thevision and expertise of boat builders like YachtSmithsInternational, the designing partner, that make vessels like theCabot 36 a reality,” said Tim Edwards, executive director of theNova Scotia Boatbuilders Association. The public has an opportunity to see the Cabot 36 at the 2005Halifax International Boat Show, which opened today at noon andruns until 5 p.m. Sunday, Feb. 20 at Exhibition Park.last_img read more