About BERRP
Hurricane Beryl caused severe damage to Barbados in late June and early July 2024, hitting coastal communities and the fishing sector especially hard. More than 240 fishing vessels were damaged or destroyed, and major destruction was done to the Bridgetown Fisheries Complex, disrupting the livelihoods of many fisherfolk and their families.
To help communities recover, the government of Barbados has acquired US$54 million from the World Bank to finance the Beryl Emergency Response and Recovery Project (BERRP). The project will focus on helping affected fisherfolk and fishery-related businesses get back to work by supporting the replacement of destroyed boats and equipment and strengthening resilience for the future.
Enterprise Growth Fund Limited (EGFL) has been selected to manage the approximately $21 million BDS set aside for boat replacement. We will be working closely with the Fisheries Division and other stakeholders to ensure the transparent and efficient delivery of the funding products.
Programme Highlights
$21 Million BDS Fund
Approximately $21 million BDS set aside for boat replacement loans and conditional grants
70-75 Vessels
Aim to replace between 70-75 affected fishing vessels based on verified hurricane losses
Flexible Terms
Loan terms vary from 10 to 25 years with moratorium provided on loan financing
Vessel Replacement Programme FAQs
We've answered the most common questions raised by prospective applicants — covering financing, eligibility, insurance, construction and repayment. Here are a few highlights from the full guide.
Insurance can be included
The first year of boat insurance can be built into the loan amount, with premiums running at about 3% of the vessel's value.
Built-in breathing room
No payments during the 12-month build and no interest charged, then six months interest-only — with seasonal adjustment possible.
Already rebuilding?
Boats already rebuilt or partially rebuilt may still qualify for the 25% grant, with the value verified by a marine surveyor.
Boat Replacement Financing
- Approximately $21 million BDS has been set aside for boat replacement loans and conditional grants. Grants will constitute 25% of the cost of replacing the lost boat, up to $150,000
- The aim is to replace between 70 –75 affected fishing vessels, based on verified hurricane losses
- A moratorium will be provided to clients who access loan financing
- The loans will initially be provided at a yearly interest rate of 4%. This rate is subject to change
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The loan term will vary from 10 to 25 years, depending on the amount of funding to be repaid
- A charge on the boat will form the collateral for the loan
Application Process
Follow these steps to apply for boat replacement financing through EGFL
Submit Application
Complete and submit the application form to EGFL
Review Process
Application reviewed to ensure relevant information is included
Project Approvals
Sent to the Ministry of the Environment and National Beautification for approval
Offer & Legal Work
Execute offer sheet outlining terms and complete legal requirements
Disbursement
Funds disbursed after showing evidence of NISSS compliance
Important Requirement
Prior to disbursement of funds, the applicant must show evidence of compliance with the National Insurance and Social Security Scheme (NISSS). Ask for details, if necessary.