Low-risk loans for the fishing fleet
We can offer this low-risk loan to fishers and fishing vessel owners with sound finances and adequate collateral, where the risk of loss is limited.
The scheme is available to businesses throughout Norway, regardless of their size or age. All else being equal, we prioritise small and medium-sized enterprises and/or businesses in vessel groups and regions that find it difficult to secure loans from private lenders.
As a general rule, we do not fund projects from applicants in the open group.
Where market or system failure clearly makes it difficult to secure bank financing for promising new investments and projects, we may, in exceptional cases, provide all the long-term debt financing ourselves.
The low-risk loan provides partial funding for commercially viable innovation, development, startup and restructuring projects in Norway's fishing industry that help modernise the fishing fleet.
You can primarily use the loan to finance fishing vessels, including quotas, equipment and gear. The vessel may be newly built, extensively converted or second-hand.
We recommend that you contact us early in the process to discuss your project.
We offer low-risk loans to the fishing fleet as long-term, predictable and competitive financing on commercial terms.
The loan amount and our total exposure can be up to NOK 300 million. There is no specific limit on the share we can finance, provided the loan is secured by adequate collateral. However, we must not contribute to driving up quota prices. We therefore assess the loan-to-value ratio and the project's profitability in light of the risk that the industry's future operating and regulatory conditions may be less favourable than they are today. We always share large loan commitments with a bank (see the section on co-financing).
The term for new loan commitments is up to 25 years (including interest-only periods). We tailor the term to the purpose of the loan, the investment project's expected technical and economic lifespan or payback period, and our security and risk of loss. We assess the term for quotas on a case-by-case basis.
The loan requires adequate security, preferably in the form of a first-priority charge covering the full loan amount.
Interest rates and fees for low-risk loans are set on commercial terms.
We can finance small and medium-sized loans ourselves. As a general rule, we co-finance large, low-risk loans with your bank or other lenders to share risk and rank collateral equally (balanced financing).
Where relevant, we will draw up a coordination agreement with the bank.