Frequently asked questions

This assistance programme is generally structured as a combination package consisting of a 75% loan and a 25% grant on the cost of the vessel. Other costs such as insurance, first trip expenses and legal fees are added to the 75% to arrive at the final loan amount. The loan component carries an interest rate of 4%, with indicative repayment terms ranging from 10 to 25 years. There is a maximum grant of $150,000 on a total financing package of $600,000.

The programme is specifically intended to help fisherfolk replace vessels lost during Hurricane Beryl in July 2024.

The programme is generally designed as a combined loan-and-grant package. However, a grant-only arrangement is possible in certain circumstances, including where the applicant can show that the remaining financing is already in place, or where a vessel is already in the process of being rebuilt and the applicant is seeking the grant component only to complete it, subject to the programme limit of $150,000.

Applicants should be prepared to provide their contact information, fisher registration details, National Insurance and Social Security Scheme (NISSS) documentation, income and expenses records, previous loan repayment history where relevant, and a builder quotation that is less than three months old. If the vessel has already been rebuilt, receipts and proof of expenditure should also be provided.

The key statutory requirement identified in the documents is NISSS clearance rather than a taxpayer certificate. Tax information may still be requested in certain cases, especially where other financial obligations need to be reviewed.

NISSS registration simply means that a person has been formally entered into the NISSS system. NISSS clearance means that the person's contributions and status are compliant for the purposes of the application. Please note that individual arrangements can be made with NISSS for anyone seeking such clearance.

Self-employed persons may still need to submit NISSS forms even if no income was earned during a period. Pensioners who are not working generally do not need to continue contributing, but pensioners who are still working for an employer may be required to do so. Applicants with arrears or no previous registration may need to discuss their status with NISSS.

Everyone should be registered with NISSS. However, for the purposes of this loan, the lender's direct compliance focus and contractual obligation remain strictly with the boat owner/applicant rather than the crew members.

Insurance is an important programme expectation and is strongly encouraged. It is also expected to become mandatory under local regulations soon. The first year of boat insurance can be included in the loan amount, and owners are expected to maintain the insurance coverage after the first year.

The estimated cost of insurance is about 3% of the vessel's total value, although the actual premium may vary depending on the vessel and the level of coverage.

Yes. The programme is designed to replace the lost vessel, and applicants may seek financing for a vessel of the same size.

Programme support is generally based on the size and value of the original vessel that was lost. If an applicant wants a larger vessel, the applicant will normally need to cover the additional cost personally. Requests for a larger vessel for safety or sea-condition reasons may require individual review.

This issue was raised directly during the January engagement and was not fully resolved at that meeting. The guidance given was that the eligible amount would likely depend on the actual replacement cost and verified value, but the matter may need to be assessed on a case-by-case basis pending final clarification.

A mold-size discrepancy, such as a small increase because the nearest available mold is larger, may be reviewed on a case-by-case basis. Applicants should raise this issue early in the application process.

Yes. Applicants who have already rebuilt or partially rebuilt their vessels may still be eligible for the 25% grant component (which is calculated on the cost of the vessel alone), provided they submit the relevant receipts, quotations and supporting documents, or have a valuation of the rebuilt or partially rebuilt vessel undertaken by the project's marine surveyor to estimate the value. To qualify for grant-only funding, the amount requested must be enough to complete the construction process and it must represent no more than 25% of the value of the finished vessel.

Marine surveyors will help verify the vessel's dimensions, condition and value. The eligible support amount will depend on the verified replacement cost and programme limits.

Funds are expected to be released in stages rather than all at once. For each electronic disbursement, the applicant will need to submit a request together with supporting documents such as quotations, invoices and the builder's banking details. Marine surveyors will verify that the relevant work has been completed before the next stage is released.

Yes. Mobilisation funds are expected to be available at the start of construction. Together with the grant component, this initial support is intended to help cover the builder's deposit and early material costs.

A 12-month construction period is generally considered adequate. Guidance also indicated that during this initial period no interest would be calculated or charged on the loan.

Yes. All proposed boat repair and construction activities are subject to the Project's Environmental and Social (E&S) Screening and Appraisal process. The screening identifies potential environmental and social risks, such as landownership, working conditions, waste management, pollution and public safety, and determines any measures needed to manage them.

EGFL and the Project's Environmental and Social Specialists will visit the proposed repair or construction site and conduct an E&S Screening. The screening verifies that the site is suitable for the proposed works, identifies any significant environmental or social risks, and determines whether any corrective measures are needed before construction begins.

No. In most cases, the Project's Environmental and Social Specialists will work with the boat owner/builder to address any identified issues and provide recommendations for corrective actions. A reasonable timeframe will be provided to implement these measures before construction can begin.

The repayment structure includes a 12-month construction period with no payments required, followed by six months of interest-only payments. Regular principal-and-interest repayments begin after that period.

Yes. The repayment model may be adjusted seasonally, with higher payments during stronger fishing periods and lower payments during the off-season to reflect the realities of fishing income.

Yes. Borrowers may make extra payments at any time without penalty, including during the construction period or during the six-month interest-only period.

Payments are applied first to any outstanding accrued interest and then to principal. This means that an extra payment made between due dates may first clear a small amount of accrued interest before the balance reduces the principal.

Missed payments would not normally lead to immediate legal action after a short period. The lender would first try to contact the borrower, discuss the difficulty and work toward a solution.

If a borrower can no longer manage the loan, and no other options are available, selling the vessel (which serves as collateral) to settle the outstanding balance is considered as the final step, with any excess returned to the borrower. Surrender of the vessel is not necessarily an automatic discharge of the debt and would require further review.

Applicants are highly encouraged to think about succession planning and long-term business continuity, including the possible involvement of family members or apprentices. Insurance and estate planning are important considerations for all applicants. Note that no specific minimum or maximum age limit for applicants has been established.

Smaller replacement vessels: the final grant and financing calculations for replacing a lost vessel with a smaller boat will depend on official programme guidance. Mold size discrepancies: small differences in available boat mold sizes versus original boat sizes will be handled on a case-by-case basis. Grant/value determinations: exact grant valuations depend on documented costs, vessel size and official valuation by marine surveyors; there is no fixed standard formula outside of these assessments.