The Fisheries Investment Scheme (FIS) is a council-funded scheme, supported by the Western Isles Fishermen’s Association, which aims to create and retain employment opportunities in the Outer Hebrides by encouraging business development in the fisheries sector.

Loans are available for the purchase of fishing vessels that are less than 24 metres in overall length, equipped to go fishing at sea and up to 30 years old. The loans will cover up to 40% of the cost, up to a maximum of £100,000.

You'll need to cover the rest of the purchase cost through a commercial loan from your own bank or your own funds.

You'll need to provide a marine mortgage as security for any Fisheries Investment Scheme loan. You'll also need to cover all comhairle legal costs involved in its registration.

Each application will be judged on its own merits. The main factors considered will be:

• its economic viability
• the assessed risk and need
• any employment implications
• the creation of additional demand for products and services
• any impact on local competition

To secure a loan from Comhairle nan Eilean Siar, you'll need to agree that any product landed must be offered initially to processors based in the Outer Hebrides at the prevailing market price.

The FIS loan is available to all fishing businesses in the Outer Hebrides. Sole traders, partnerships, limited companies or co-operatives are all eligible to apply.

You must have worked for at least 3 years in the fishing sector, 2 of which must have been in the Outer Hebrides.

Loans are available for the purchase of fishing vessels that are:

• less than 24 metres in overall length
• equipped to go fishing at sea
• up to 30 years old

However, priority will be given to applicants who plan to purchase fishing vessels that:

• are 10 metres in overall length
• are less than 10 years old
• have multi-purpose fishing capability

Applicants who have gained a Class II (fishing vessel) ticket or are working towards an Under 16.5m Skipper's Certificate will also be given priority, as will suitably experienced younger applicants who are starting out in fishing vessel ownership.

You can read the full eligibility criteria on the Comhairle nan Eilean Siar website.

The loans will cover up to 40% of the project cost, up to a maximum of £100,000. You'll need to cover the rest of the purchase cost through a commercial loan from your own bank or your own funds.

The maximum repayment term is 10 years and commercial interest rates apply.

As well as the loan repayments and interest charges, you'll need to cover the legal costs of registering the Comhairle's marine mortgage.

Fishing businesses based in the Outer Hebrides.

Each application will be dealt with on its own merits. The timescale involved will vary depending on your project. 

The maximum repayment term for the loan is 10 years.

To apply, you'll need to complete an application form and submit a business plan that includes projected financial statements for 3 years.

Existing businesses must also submit business account bank statements for the past 6 months and up-to-date accounts. New businesses should submit personal bank statements covering the past 6 months.

You cannot apply retrospectively for vessels you've already purchased.

Visit the Comhairle nan Eilean Siar website for more information.