Barriers to accessing finance
For small-scale fishers, submitting a project proposal to the EU authorities is complex financially speaking.
Access to loans is difficult for them, due to unwillingness of banks to finance risky investments on equipment and small-scale projects. Small-scale fishers don’t always have the means to cover the costs of their sustainable project up front: one of the conditions of receiving a European grant.
In addition to technical assistance, BlueMove set up a pre-financing mechanism.
Our financing facility
The BlueMove fund
1
Banks
EMFAF
Small-scale fishers
1
/
8
BlueMove provides financial guarantees to a partner ethical bank for issuing microcredits to fishers.
The BlueMove fund
Banks
2
EMFAF
Small-scale fishers
2
/
8
With the help of technical assistants working with fishers on the ground, BlueMove then selects sustainable fishing projects eligible for European grants.
The BlueMove fund
Banks
EMFAF
3
Small-scale fishers
3
/
8
The assistants help fishers to write their project, take care of administrative procedures and submit it to Europe.
The BlueMove fund
Banks
EMFAF
4
Small-scale fishers
4
/
8
Europe’s EMFAF validates the fisher’s project provided that it meets the fund criteria. However, to be subsidised, the project must be finished.
The BlueMove fund
Banks
5
EMFAF
Small-scale fishers
5
/
8
The fisher applies for a loan from the partner bank, which then locks in the financial guarantee and provides the fisher with a microcredit.
The BlueMove fund
Banks
6
EMFAF
Small-scale fishers
6
/
8
Once the project is completed, the fisher reports it to Europe with the help of our technical assistants.
The BlueMove fund
Banks
EMFAF
7
Small-scale fishers
7
/
8
The EMFAF subsidises the fisher’s project.
The BlueMove fund
Banks
8
EMFAF
Small-scale fishers
8
/
8
With the subsidy, the fisher reimburses the loan and the bank releases the BlueMove financial guarantee, which will be used to guarantee a microcredit to another fisher.
Making finance work for small-scale fishers
Local financial actors only
We adapt our financial set-up to each national context, designing the most workable solution.
Tailored mechanism to each country
We adapt our financial set-up to each national context, designing the most workable solution.
Rebuilding trust in formal finance
BlueMove reconnects small-scale fishers with financial institutions and creates new relationships that can support their future development.
To each country its solution
Mediterranean-wide pilot project
The MAVA Foundation fully pre-financed fishers’ projects directly, with no financial intermediary involved, as philanthropic support.
Croatia
BlueMove provided guarantees to the Cooperative for Ethical Financing ZEF, enabling bridge loans for fishers. Cooperative shareholders could access it at a 0% interest rate.
Cyprus
Due to the complexity of the paperwork involved in implementing a guarantee mechanism, BlueMove opted for direct pre-financing agreements for EMFAF grants with small-scale fishers.
Portugal
The financial institution Crédito Agrícola offers a loan product dedicated to granting advance payments on public aid: the ‘Advance Payment Credit Line’.
Greece
In partnership with AFI Microfinance, dedicated to supporting social entrepreneurs who are excluded from the usual banking sector, BlueMove can guarantee loans of up to €25,000.