(For long-line/drop line fully equipped fishing vessels and working capital)
- 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 Rotumans 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
||FDB loan will be 65% of Project Cost and is not to exceed $325,000
- 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
|Long Line/drop line fully equipped fishing vessel
|The working capital portion of the loan can be included together with any of the above items and qualify for the maximum term.
(to adequately cover loan amount and may include)
- First Ships Mortgage
- Bill of Sale over Plant/Equipment
- Mortgage Debentures
- Directors Personal Guarantees
- Other Collateral security 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