Young Fisher Scheme

Who is Eligible Who is Eligible

This scheme is open to natural persons, or legal entities wholly owned by one or more natural persons:

What is funded What is funded

Eligible expenditure:

Acquiring ownership, in full or in part (at least 33%), of your first fishing vessel. The eligible expenditure covers the vessel cost and licence/capacity costs, proportionate to the applicant’s vessel shareholding.

Ineligible expenditure:

Amounts Granted Amounts Granted

Scheme aid intensity will be 40% of the cost of vessel acquisition, proportionate to the applicant’s shareholding in the vessel.

The calculation of the grant aid will involve 3 steps:

  1. Does the total eligible expenditure in the application exceed the expenditure cap?
    1. If Yes, apply the cap
    2. If No, use the full amount of eligible expenditure
  2. Apply the 40% grant aid to the amount from step 1. This is the total possible grant amount.
  3. Multiply the amount from step 2 by the percentage of the vessel that the applicant will own. This is the grant which can be offered to the applicant.

Example 1

The applicant is a 35 year old fisher who intends to purchase a vessel with 2 others who are over 40 years of age. The applicant’s shareholding in the vessel will be 50%. The eligible expenditure (vessel cost + capacity cost) is €700,000

  1. Total eligible expenditure exceeds the cap, so the cap is applied i.e. €625,000
  2. The total grant which could be given for the vessel purchase is 40% i.e. €250,000
  3. The applicant’s shareholding is 50% so the grant available to them would be €125,000

Example 2

The applicant is a legal entity (wholly owned by two fishers under 40 years of age) who intends to purchase a vessel with 2 others who are over 40 years of age. The applicant’s shareholding in the vessel will be 35%. The eligible expenditure (vessel cost + capacity cost) is €500,000

  1. Total eligible expenditure does not exceed the cap, so the grant calculation can be done on the total eligible expenditure i.e. €500,000
  2. The total grant which could be given for the vessel purchase is 40% i.e. €200,000
  3. The applicant’s shareholding is 35% so the grant available to them would be €70,000

YFS grant calculation.xlsx

How to Apply How to Apply

1

Electronic Application

Apply online on Grant Electronics Management System

Warning: This application form is not compatible with mobile devices. For best results please use desktop/laptop when completing this form.

For technical queries in relation to BIM’s Grants Electronic Management System (GEMS) please email: grantshelpdesk@bim.ie.

Resources:

 

For more information please use the email contact below

Grants Help Desk

BIM