Young people entering Ireland's fishing industry will be able to access Government-backed loans alongside BIM first-vessel grants, under new arrangements announced as part of the expansion of the Growth and Sustainability Loan Scheme.
Young fishers seeking to buy their first fishing vessel will be able to access longer-term loan finance alongside grant assistance from Bord Iascaigh Mhara (BIM), following a Government announcement on Monday, 12 October.
The change specifically includes recipients of the BIM Young Fisher Scheme grant in the expanded Growth and Sustainability Loan Scheme, providing an additional financing option for new entrants to Ireland's fishing fleet.
Minister of State for Fisheries Timmy Dooley said the arrangement could help young fishers bridge the gap between securing grant approval and obtaining the upfront finance needed to purchase a vessel.
The measure forms part of the Government's expansion of the Growth and Sustainability Loan Scheme from €500 million to €1 billion, with the programme extended until 30 June 2029.
Bridging the Gap Between Grant Approval and Vessel Purchase
The BIM Young Fisher Scheme supports people under 40 acquiring their first fishing vessel, with grant assistance towards eligible purchase costs.
The scheme, which opened for applications on 30 September, provides grant aid of 40% towards the eligible cost of acquiring a first secondhand vessel, proportionate to the applicant's ownership share.
Under the new arrangements, eligible grant recipients can also seek loan finance through the Growth and Sustainability Loan Scheme, potentially helping them meet the remaining purchase costs and manage the timing of their investment.
Dooley said the inclusion of Young Fisher Scheme recipients would provide greater flexibility in accessing finance alongside grant support.
He described the change as a practical measure to support generational renewal in the fishing industry by reducing financial barriers for new entrants.
The announcement builds on the reopening of three BIM fisheries grant schemes, covering younger fishers, small-scale coastal fishing vessels and investment in the wider fleet.
Loans of Up to €3 Million Available
The Growth and Sustainability Loan Scheme is administered by the Strategic Banking Corporation of Ireland (SBCI), working with participating lenders and supported by the European Investment Bank Group.
It provides loans ranging from €25,000 to €3 million, with repayment terms of seven to ten years.
Loans of up to €500,000 may be available without security, subject to the participating lender's assessment and scheme conditions.
Unlike BIM grants, the loans must be repaid with interest. Applicants must satisfy the relevant eligibility requirements, and loan approval is not automatic.
The Government says the expanded scheme is intended to support business investment, productivity, competitiveness and environmental sustainability across eligible enterprises, including fishing businesses.
The SBCI provides eligibility and application information for businesses considering finance under the programme.
New Support for Ireland's Next Generation of Fishers
The additional financing option comes as Ireland's fishing industry seeks to encourage younger people into vessel ownership.
The Young Fisher Scheme is co-funded by the Government and the European Union under the European Maritime, Fisheries and Aquaculture Fund.
Its eligibility requirements include being under 40 at the time of application, having at least five years' experience as a fisher and holding the qualifications required to operate the vessel being purchased.
The scheme supports the acquisition of full or partial ownership of a first fishing vessel, with a minimum ownership share of 33%.
BIM's current funding schedule lists 13 January 2027 as the closing date for Young Fisher Scheme applications.
The latest announcement provides a more specific benefit for young fishers than the previously reported €500 million expansion of the wider loan scheme.
The €1 billion represents total lending capacity across eligible sectors, rather than a grant allocation or funding reserved exclusively for the fishing industry.
Young fishers considering a vessel purchase can consult BIM's fisheries funding information and the SBCI about the separate grant and loan application requirements.
