During oral history interviews they have identified that low incomes and lack of access to credit to invest in alternative livelihood activities are two key barriers. Per capita household income is only around 21,000 TK/year in the two communities (Table 1). To express the level of income, access

to credit and desire to divert away from fishing, an oral history interviewee (fisherman) from Padma said “I am poor and do not have sufficient access to credit… fishing in the sea is risky. If I had money I would do business inland as there is no risk on life there”. Padma’s boat owners have limited access to formal credit. Household questionnaires indicate that formal sources of credit (banks and NGOs micro-credit) provide only 8% of the credit needed in fishing businesses and charge an interest rate of between 16 and 35% per year. Due to lack of access to formal credit with low interest, the boat owners invest their own savings (provide 12% of total credit) TGF-beta inhibitor and take informal Alpelisib concentration credit with high interest rates to run their businesses. Local informal money lenders provide 18% of the credit but charge 100% interest per year. Dadondars (another type of informal money lender) provide 62% of the credit but charge 2% on

fish revenue equating to an interest rate of between 120 and 240% per year, indirectly. Oral history interviewees from Padma emphasise that they need to catch substantial amounts of fish during the fishing season to repay the credit and interest and to gain some profit. Catching substantial amounts of fish requires completing most of the fishing trips even in cyclonic conditions, which increases exposure to cyclones and the chance of loss of boats, gear and life. To minimise the loss of boats and gear, the boat owners in Padma minimise capital investment. Most fishermen said in oral history interviews that boat owners use cheaper and less durable materials

to make boats, cheaper and less powerful engines, and do not provide life jackets or modern equipment. This strategy can be treated as maladaptation as it reinforces technological barriers and increases risks for the fishermen. In contrast Kutubdia Para’s boat owners have better access to 4��8C formal credit. Household questionnaires suggest that boat owners in Kutubdia Para obtain credit for running fishing businesses from the same sources as Padma. However, in Kutubdia Para, formal, own savings and informal sources provide 42%, 18% and 40% of total credit, respectively. This means that the boat owners do not need to rely mainly on informal credit with higher rates of interest but have better access to formal credit with much lower interest rates. Abandonment of few fishing trips due to cyclonic weather does not create a problem for them to repay the credit and interest, and to gain some profit. This is one of the reasons why the boat-owners in Kutubdia Para do not induce fishermen catching fish in cyclonic conditions and do not reduce capital investment.