• Strategy

    Strategy

    FIDC is one of the principal partners in the development and delivery of the Economic, Rural and Tourism Development Strategies. FIDC will help delivery these strategies by leading a number of key strategic projects that will aid the development of the Falklands’ economy.
  • 1

tools-1024Approximately 319 tonnes of fresh fruit and vegetables were imported into the Falkland Islands by air or sea in 2009/2010, a reduction of 104mt from 2007/2008 imports. It has been estimated that 203 tonnes (64%) of the 2009/2010 imports could be grown in the Falkland Islands. 152 tonnes were estimated could be grown outdoors with a further 51 tonnes in a polytunnel or greenhouse. Furthermore, 12,000 eggs are estimated to be imported into the Falkland Islands every fortnight.

The primary objective of this project is to reduce the Falkland Islands' reliance on imported fresh produce from South America by substituting imports of fruit, vegetables and eggs with products grown domestically.

To assist this objective, we have introduced the Import Substitution Programme, which aims to assist with the cost of increasing the volume of fresh vegetables, fruit and chicken eggs produced in the Islands.

The FIG Executive Council approved our Import Substitution Paper in August 2011, which granted us access to the £250,000 to assist rural businesses interested in establishing or expanding the production of fruit, vegetables or chicken eggs. This fund is available to provide loan and grant funding to businesses wishing to establish or expand fruit, vegetable or egg production.

Eligibility:

The programme is available to both rural and Stanley businesses.

Applications are strictly limited to operations directly linked to the growing of fruit and vegetables and the production of chicken eggs.

Funding can be used towards a variety costs including capital expenditures (e.g. polytunnels or chicken sheds), freight, 'raw materials' (e.g. fertilizer etc.), day old chicks, chicken feed or seeds.

Labour costs, as appropriate to the individual application and project, will also be eligible.

Grant Assistance:

  • Option 1 - to attract those requiring finance

70% loan

20% grant

10% own funds

  • Option 2 - to encourage those with the finance to invest

80% own funds

20% grant

The Department of Agriculture will provide assistance to potential applicants if they require it.

A repayment holiday of up to 12 months will be offered. This means that a successful applicant will not have to begin repaying the loan, interest or accrued interest until after the repayment holiday has concluded.

The payback period of the loan will depend on its value, however the maximum length will be 10 years.

For the first 2 years the interest will be set at 1% above the bank base rate. This will be applied as soon as the loan is approved and not when the repayment holiday concludes. After the first 2 years the interest rate will revert to 3.5 % above the base rate.

No restrictions will be imposed on the maximum amount of individual funding applications.

All applications with a total value in excess of £500 will be considered.

Administration:

Once submitted, your application for funding will be processed the same as a FIDC business loan application.

Our business advisors and the Department of Agriculture are willing and able to assist any potential ISP applicants in developing their proposal and application.

 

You can download an application form for the Import Substitution Programme below.  Please completed the correct form relating to the amount of funding applied for.

pdf  Import Substitution Programme Funding Application Form (-£5000) (226.04 kB)

pdf  Import Substitution Programme Funding Application Form (+£5000) (232.87 kB)

About the FIDC

FIDC acts as the national economic development agency for the Falkland Islands and is tasked to develop the commercial sector of the Falkland Islands by being one of the principal partners delivering the Economic, Rural and Tourism Development Strategies.

To help drive sustainable economic growth and assist in the creation of new jobs and opportunities, FIDC provides various forms of support and assistance to the Falkland’s business community.