Commercial loans are available to fishing businesses in Shetland that are engaged in whitefish catching for the purchase of whitefish quota and licences.
The scheme will consider applications for loans of up to 75% of the cost of whitefish quota and/or licence, under a ceiling level of £200,000.
This scheme is funded and administered by Shetland Islands Council.
The Delegated Scheme for Loans to Purchase Fishing Vessel Licence and/or Quota scheme has been set up to provide commercial loans to fishing businesses that are engaged in whitefish catching for the purchase of whitefish quota and licences.
The main aim of the scheme is to improve the value of these businesses and make them more resilient to the short-term fluctuations in catches and price that prevail in the industry.
Beyond the impact on individual businesses, the scheme seeks to achieve economic development policies that will strengthen the fishing industry and related ancillary activities in Shetland.
Projects that cannot meet the eligibility criteria for the Scheme will be considered ineligible.
Applications invited from businesses with whitefish vessels registered and operating from Shetland.
Loans will only be made to partnerships/companies that can demonstrate viability through the production of acceptable projections and historic data on the leasing of quota.
It is essential that the remaining funding (at least 25%) derives directly from the business and/or its shareholders.
The loans are to be used toward the costs of developing businesses that are involved with whitefish catching for the purchase of whitefish quota and licences.
There are no stated deadlines; therefore applications for support may be submitted at any time.
Link to guidelines:
Applicants are encouraged to discuss their application with a project manager within the Shetland Islands Council’s Economic Development service to ensure eligibility. Then, if eligible, applicants should complete the application form and supplement. The application form will provide the following details:
- Financial projections for a period of at least three years – including profit and loss accounts, balance sheet and cash flows.
- Justification for seeking funding from the Council.
- Impact on the business if the project does not proceed.
- Project timeframes.
- Legal advisers’ details.
- Business’s incorporation certification, if appropriate.
- Breakdown of the quota/licence to be purchased.
- Previous three years financial accounts, if available.