SMALL AND MEDIUM ENTERPRISE (SME) SCHEME
Up to SCR 3 Million| 5% interest p.a.| on First 1 Million and 7% on next 2 Million | Maximum 7 years Repayment
The SME incentive scheme was introduced to finance the development of small and medium sized businesses. Finances are being offered in all sectors and businesses activities excluding the refinancing of existing loans and for financing of retail, wholesale and import businesses.
Financing a Minimum of SCR50,000 and a Maximum SCR 3,000,000
Interest rate starts at 5% on the first 1 Million and 7% on the next 2 Million
Financing up to 97.5% of the project cost, depending on the project
Up to 7 years depending on the type of project and asset(s) being financed
To apply for a SME Loan, you will need to submit the following:
- Loan application
- Business plan
- Supporting documentation
SME scheme accepts lease as collateral at a rate of 1:1
Application fee: 0.25% of the loan amount payable upfront
Scientific Services
Code AA: Business enterprises that provide scientific support to the fisheries sector including services related to fisheries research, management planning and fisheries monitoring (including vessel monitoring systems)
Code AB: Businesses that provide food technology and laboratory analytical services for seafood product research, development, and labelling
Logical Services
Code AC: Businesses that provide offloading, storage, and delivery services to improve cold chain management including cargo handling services
Code AD: Enterprises that provide sorting and refreezing facilities as an ancillary service to processors and exporters of bycatch
Code AE: Enterprises that provide fleet and crew management services
Code AF: Business enterprises that provide packaging, distribution, marketing, and sales services
Processing
Code AG: Businesses developing new facilities, or rehabilitating existing facilities, that are engaged in primary or secondary fish processing for eligible value chains
Code AH: Enterprises investing in processes and technology to improve waste and energy efficiency
Code AI: Existing businesses that plan to upgrade existing processing facilities for HACCP or EU certification to improve market options
Market Access
Code AJ: Industry-led investments in fishery improvement projects and assessment for internationally recognised certification schemes (e.g., Marine Stewardship Council)
Code AK: Enterprises providing services in market research, brand building, strategy development and sector intelligence
Code AL: Specialised technologies for accessing markets such as electronic sales and auction platforms
Commercial Aquaculture
Code AM: Commercial production of finfish, bivalves, echinoids, and prawns by businesses licensed under the Fisheries (Aquaculture) Regulations, 2020 (S.I. 160 of 2020) on allocated land, inshore and offshore zones for aquaculture purposes.
Code AN: Commercial hatcheries and nurseries for commercial production of finfish, bivalves, echinoids, and prawns by businesses licensed under the Fisheries (Aquaculture) Regulations, 2020 (S.I. 160 of 2020) on allocated land, inshore and offshore zones for aquaculture purposes.