Over one hundred local Fishers have already applied for loans under the Government’s Fleet Expansion Program.
Minister of Agriculture, Forestry and Fisheries, Saboto Caesar made the disclosure in Parliament on Thursday, while responding to a question from the Leader of the Opposition.
Under the Fleet Expansion Programme, the Government is partnering with the Kingstown Co-operative Credit Union to provide loans to assist Fishers in purchasing fishing boats to expand and upgrade the fishing industry.
Minister Caesar said the application period for the program is expected to close early next month.
The program will be funded by a 1.5-million-dollar initial investment by the Government which will form part of a revolving fund.
A 5-year loan term will be offered to Fishers with the intent of allowing more stakeholders to access funding, as repayments are made.
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