Objectives and Assistance
The Scheme aims to create and retain employment opportunities in the Outer Hebrides by encouraging business development in the fisheries sector.
It is expected that the vessel purchase will be financed primarily from a commercial loan from the applicant’s own bank and own funds, augmented by the FIS loan.
Each case will be judged on its merits and the main factors taken into account in assessing applications will include economic viability, assessed risk and need, employment implications, creation of additional demand for product and impact on local competition.
A condition of any loan funding from the Comhairle is that any product landed must be offered initially to processors based in the Outer Hebrides at the prevailing market price.
The scheme will seek to direct funding to particular priority areas in order to maximise the long-term impact of the Scheme within the local economy. Fishing vessel projects which meet the following criteria will generally receive priority:
- Vessels of 10 metres overall length
- Vessels less than 10 years old with multi-purpose fishing capability
- Applicants who have gained a Class II (fishing vessel) Ticket or are working towards an Under 16.5 Skippers Ticket
- Suitably experienced younger fishermen taking their first step in vessel ownership