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Fisherfolks are speaking out in the face of what they believe is unfair treatment by banks and other financial institutions.
The Barbados National Union of Fisherfolk Organisations (BARNUFO) reveals many of their members have been turned away, as they seek much-needed financial backing for their business.
President Vernell Nicholls shed some light on the situation, sharing her personal experience.
The BARNUFO boss shared her story and others during a workshop on Thursday entitled, “Capacity Building for Micro, Small and Medium-sized Enterprises in the Fisheries Sector in Barbados, Grenada and St. Vincent and the Grenadines”.
The project is a partnership with the Inter-American Institute for Cooperation on Agriculture (IICA) and the Food and Agriculture Organisation (FAO), in an attempt to better understand the challenges faced by fisherfolk in accessing financing for their businesses and find solutions.
Ms. Nicholls admits fisherfolk, boat owners and vendors need help with record keeping and handling documentation when approaching banks for loans.
Meanwhile we hear it is becoming increasingly difficult, especially for the boat owners, to get insurance or use their vessels as collateral for loans.
Making the point is Chief Fisheries Officer, Dr. Shelly-Ann Cox.
The Chief Fisheries Officer says the legislation governing the sector will be updated to include third party liability and other elements to help provide more affordable insurance options for boat owners.
