Fishing Services
Are you ready to expand your fishing enterprise to new horizons?
What is a Fishing Services loan?
This policy applies to loans for fishing projects that will be income generating, and where the fishing activity forms the major component of the project (i.e. more than 50% of the loan will be invested directly on fishing activity). The policy recognises that the harvesting and supply of fish to both local and export markets is considered to be a priority investment sector.
Why go with us?
Tonga Development Bank’s Fishing Services loan has:
- A highly competitive interest rate
- No maximum amount
- Flexible terms
From
8.50% pa
interest rate
| Fishing Services | |
|---|---|
| Features | |
| Security | The items financed plus other adequate items of security. Coverage to be at least 1.5x without mortgage or 1.0x with mortgage. |
| Term | Maximum terms of 8 years for new boats, 4 years for second hand boats and 2 years for others. |
| Repayment Percentage Salary Deduction | Normally by cash although salary deduction acceptable. Normally 50% salary allowed for repayment, 60% can be considered. |
| Loans Amount | Flexible but covered by statutory requirements. |
| Fees | Can be charged to account. |
| Disbursement | Direct to supplier where necessary or according to agreed draw down schedule. |
| Borrowers Contribution | At least 25% of project cost. |
| Rates | |
| CRR A | 8.50% pa |
| CRR B | 9.00% pa |
| CRR C | 9.50% pa |
Eligibility Guidelines – Purpose
- Loans are available for the purchase of capital items (e.g. boats, nets, motors etc), as well as for working capital.
- The applicant is required to demonstrate that adequate fishing experience is available, relevant to the size and scope of the project.
