(For long-line/drop line fully equipped fishing vessels and working capital)
Loan Purpose
- Purchase of long line/drop line fully equipped fishing vessels and
- Working Capital (for operation/establishment of eligible enterprises but is not to exceed more than 30 per cent of the loan amount)
Do You Meet The Following Requirements?
- are at least 21-years old
- are a Fiji-Citizen registered in the Vola ni Kawa Bula or the Rotuman’s Birth Register.
- are you either an Individual, part of a Partnership, Cooperative or Corporate Entity
- If applying as part of a Joint Venture/Partnership, is the business at least 51% owned by a Fijian/Rotuman
- project is situated within 1km of a government feeder road (if on Viti Levu or Vanua Levu) OR situated within 3km of the nearest inter-island port of call if on an outer island
| Maximum Loan |
FDB loan will be 65% of Project Cost and is not to exceed $325,000 |
| Equity Contribution |
- At least 35% of total project cost (25% cash provided by the Government under SCARF with the balance by the applicant in cash or kind).
- The 35% amount should not be more than $175,000 per project.
|
| Interest Rate |
8% per annum. |
| The FDB portion of the loan is charged at 8% p.a. with the SCARF portion being interest free. |
| Term Of Loan |
| Fixed Asset |
Maximum Term |
| Long Line/drop line fully equipped fishing vessel |
7 years. |
| The working capital portion of the loan can be included together with any of the above items and qualify for the maximum term. |
Security Required
(to adequately cover loan • amount and may include) |
- First Ship’s Mortgage
- Bill of Sale over Plant/Equipment
- Mortgage Debentures
- Assignments
- Directors Personal Guarantees
- Other Collateral security Exclusions
|
| Exclusions |
Purchase of small boat and engines |
Documents To Be Provided When Lodging Your Application
- A completion certificate from the Start Your Business (SYB) and/or Improve Your Business (IYB) training programs with the Ministry of Trade & Commerce or 5 years experience in operating a similar business at Supervisory level.
- Loan Proposal Submission from the Ministry of Fisheries stating that the proposal has met their requirements including
- Business Plan or Feasibility Study
- Cash Flow Projections – monthly for the first year and annually for the next 2 years
- Business/Fishing Licence from the appropriate Authorities
- Company Registration Certificate from the Registrar of Companies
- VAT certificate and other relevant info from Inland Revenue Dept
- Financial statement – last 2 years ( established businesses)
- 3 Quotations and Valuation Report (from a REGISTERED marine valuer) for the vessel to be purchased
- 3 quotations for all equipment and supplies to be purchased
- Experience – applicant must demonstrate skills/experience appropriate to project proposed
Call Your Nearest Branch For More Information
