Type of Finance

The Fund will provide interest-free loans between £500 and £20,000 up to a maximum of 60% of the total project cost. The capital provided is subject to a one-off 5% arrangement fee at outset. There are no other charges.

Eligibility
The Fund is available to viable new or developing businesses (including sole traders, partnerships, co-operatives, social enterprises and limited companies) within Cornwall, Isles of Scilly, Devon and Dorset. Businesses should be active in the fish industry or developing a line of business of relevance to the fish industry.

Applicants need to demonstrate a link to the fish industry which could include:

*Active or start up business catching, processing or selling fish
*Fish products make up the majority of the sales for the business or their expansion plans
*Businesses are being started by ex-employees of the fishing industry or their families.

The Fund will only be made available where there is insufficient finance from traditional sources. A letter from the bank declining assistance will be required.

Expenditure

Most reasonable costs (including working capital) associated with a project will be considered for support. Costs will only be considered valid if incurred on agreed areas of expenditure stated in the application. Expenditure on items not previously agreed with SW Pesca may render the loan repayable in full. Expenditure incurred before loan approval will not be considered for support.

Match Funding

It is expected that the applicant will be able to raise 40% match funding towards the project costs. This may be from own funds, the bank or other loan/grant sources. Applications to the Fund for over 60% of costs can be considered if the need can be substantiated.

Repayments

Will be made monthly over a term of up to 60 months depending on circumstances, usually commencing one month after drawdown. Initial capital repayment holidays may be considered. Early repayments in full or in part may be made without penalty.

Application Procedure

The application form should be completed in full and submitted with supporting documentation. All applications have to be submitted via an approved business advisor and recommended for support. Access to business advisors is through PESCA or Business Link (Tel: 0845 600 9966).

Credit References

All applicants are asked to disclose information about personal assets and liabilities and details of any County Court Judgements registered against them. Credit checks will be made using a licensed credit reference agency. Previous credit problems will not necessarily cause an application to be declined, but failure to disclose information will.

Timescales

It is intended to reach a decision within 6 weeks of receiving all information, and advisory and applicants are asked to allow for this. Successful applicants will be informed as soon as a decision has been reached.

Appeals Procedure

If an application is declined, a letter with reasons is sent to the client and the advisor. If the refusal is not accepted, an appeal can be submitted to the next available panel. Confirmation of result of appeal will be sent to the client and advisor. If still not accepted, a final appeal can be made to the Board of Directors of South West Pesca Ltd to be reviewed at the next available Board Meeting.

Post Investment Support

SW Pesca recommends that applicants continue to receive post-investment support from business advice and mentor organisations after funding is provided. Referrals may be made to appropriate business mentors with the client's agreement.

Further information and an application form are available online.

Contact:

PESCA Business Development Fund

South West Investment Group

Lowena House, Glenthorne Court, Truro Business Park, Threemilestone, Truro, Cornwall TR4 9NY

Tel: 01872 223 883

Fax: 01872 242 470

Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Web: www.southwestinvestmentgroup.co.uk