Lower Fraser Enterprises
Lower Fraser Enterprises LP (2019) and Lower Fraser Fisheries Enterprises LP (CFE-2022) have been created by the LFFA society to explore own source revenue opportunities.
Mission:
LFFE-LP/ LFFE Inc. exists to explore, develop, and cultivate For-Profit Enterprises to generate revenue for its Partners and Shareholders
Vision:
The goal of LFFE-LP/ LFFE Inc. is to strive for an independent financial future for the operations of their Partners and Shareholders.
Philosophy:
LFFE-LP/ LFF Inc. will conduct all activities with respect to the values of the LFFA Society and all its Indigenous Communities that demonstrate the priorities of Traditional Knowledge and Laws of the Land and its resources.
Where we are now
•LFFE-LP was struck as a New Entrant CFE on May 10, 2022
•There are thirteen Lower Fraser First Nations signed on the original CFE. DFO Policy states “No one First Nation can belong to more than one CFE at a time.”
•The CFE is funded through PICFI in two funding streams: BDS is Business Development Source and is Investment funding. CBS is Capacity Building Source and is operational costs.
•The LFFE-LP was successful in a last-minute opportunity for Non-Salmon Access to fisheries and invested in Sablefish quota. LFFE-LP now is in the Licences and quota game as of March 31, 2023.
•Funding for New Entrant CFEs are annual at $325,000 for BDS and $130,000 for CBS. Both are subject to annual review and potential top-ups if there are surpluses to distribute.
What Strategy has Changed
•CFE has expressed interest to diversify from wild-caught fisheries to cultured produce.
•Aquaponics linked to the existing Tilapia Farm has been identified for Greenhouse #2 at the Farm and currently researched extensively by Lethbridge College and JLH Consultants.
•PICFI has postponed BDS Funding for a year based on original application and seeks a formal 5-year Business Plan of which is a key part of the Statement of Work from Lethbridge College.
•JLH Consultants also is accomplished in Aquaculture and Aquaponics and will be addressing technical schematics of the entire facility for the expansion as well as June 2024 FWLB License renewal.
Where we continued to Grow
CFE was successful in 2022-2023 in the purchase of ~9,000 lbs. round or ~6700 dressed head off Sablefish quota. There also has been a gift of ~5,000 lbs of Halibut Quota leased out for income assistance for New Entrant CFEs. The annual CFE Gathering held in February 5,6,and 7, 2024 at Tigh-Na-Mara in Parksville BC resulted in the St’oqui Tilapia having market exposure to the BC Region as well as a very large US (Texas, and Oklahoma) retail sector. Advancements have been made on the Lethbridge College and JLH Consultants’ work and was anticipated to be done by end of March 2024 for review.
Where we are going
•LFFE-Inc./LP EDM to explore and prepare an LFFE-LP/Inc Five-Year Economic Development Strategic Plan. Based on Cornerstone work and current opportunities.
•Explore alternate species, processes, and marketing to diversify aquaculture operations and increase production and revenues over the next several years.
•The new CFE will work with the original LFE-LP/LFE-Inc and will actively seek business opportunities that may be directly or indirectly associated with fishing in the Lower Fraser Area, yet consistent with current and future LFFA Society Strategic Plans
•A Commercial Fishing Enterprise (CFE) will open opportunities for businesses and partnerships that will enhance the Mission and Vision of supporting the operations of LFE-Inc./LP and LFFA Society. March 12, 2021 approved CFE EOI.
•CFE Funding is multi-year with up to~$455,000 combined funding first couple of years for establishments of Business and HR Training Plans and Business start-ups, acquisitions, expansions, and joint-ventures.