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Fishing Services

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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
SecurityThe items financed plus other adequate items of security. Coverage to be at least 1.5x without mortgage or 1.0x with mortgage.
TermMaximum terms of 8 years for new boats, 4 years for second hand boats and 2 years for others.
Repayment Percentage Salary DeductionNormally by cash although salary deduction acceptable. Normally 50% salary allowed for repayment, 60% can be considered.
Loans AmountFlexible but covered by statutory requirements.
FeesCan be charged to account.
DisbursementDirect to supplier where necessary or according to agreed draw down schedule.
Borrowers ContributionAt least 25% of project cost.
Rates
CRR A8.50% pa
CRR B9.00% pa
CRR C9.50% pa

 

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  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.