Fishing Loans

A fishing loan is a loan granted for the purchase of a fishing vessel, outboard engine or fishing equipment.

Terms and Conditions

• You must be a member for at least three (3) months.
• You must be a member of the Dennery Fishermen’s Co-operative Society Limited and must present a copy of your Fishermen Identification Card.
• You require the equivalent of 40% of the loan amount in withdrawable (callable) shares. For the purchase of fishing equipment valued at $25,000 or less, you require the equivalent of one third (1/3) in withdrawable shares.
• You must have a good credit history.
• You should be able to present proper supporting documents such as vendor’s invoice and estimate of customs duties to be paid (Please note that outboard engines with 120 horsepower and over attract customs duties).
• Interest on loans is calculated monthly on the reducing balance at the rate of 0.9%.
• The repayment period is based on the amount granted and the member’s capacity to repay.
• The Credit Union reserves the right to request additional security for loans.