About the SME Stimulus Loan

An initiative of the Government of Trinidad and Tobago Coronavirus (COVID -19) business support

Activate Your Business Recovery

FROM THE GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO

Support to businesses negatively impacted by COVID-19

The Government of the Republic of Trinidad and Tobago is providing support to businesses which have been impacted by the COVID-19 pandemic.

This loan is available to Small and Medium Enterprises (SME). The aim of this initiative is to reinforce the SME sector’s position as an integral part of the economy.

The guarantee provided by the Government of the Republic of Trinidad and Tobago represents 75% of the loan amount. All SMEs will have to provide a personal guarantee of up to 50% for the principal indebtedness and may also be required to provide security.

Who can apply?

Applications are open to all business entities with annual revenues  between TT$1 million and TT$20 million. Entities below this size are deemed as micro enterprises and will be supported through a separate programme.

Applicants must provide evidence of sales.

How much can you borrow?

The loan amount is between TT$75,000 and TT$325,000 to finance salaries, operational expenses and purchase of inventory / raw materials.

Annual Revenues

Maximum Loan Amount

$1,000,000 – $6,000,000

$75,000

$6,000,001 – $10,000,000

$76,000 to $150,000

$10,000,001 – $15,000,000

$151,000 to $250,000

$15,000,001 – $20,000,000

$251,000 to $325,000

Terms of the loan

This is a 5-year loan with a 2-year moratorium on Principal Payments. Interest will be paid by the Government of the Republic of Trinidad and Tobago for the duration of the loan.

This facility will be subject to a full credit analysis.

Other loan criteria

The Borrower certifies:

  • It intends to continue to operate its business or to resume operations.
  • It generates its revenues from the sales of goods or services.
  • It will not use the proceeds to repay other borrowings.
  • It will not use the proceeds to repay any Director/Shareholder Loans.
  • It will not use the proceeds to declare a Shareholder Dividend.
  • It will make best efforts to maintain employment of permanent staff as existed at March 1, 2020. 
  • This Program is available to only one (1) facility per Borrower Group consisting of primary/common Shareholders.
  • The Borrower is not in arrears on existing borrowing facilities with any Lenders by 90 days or more as at the Loan application date.

 

The following pre conditions are also applicable:

  • The Borrower is a business operating and incorporated in Trinidad and Tobago and in operation as of March 1, 2020.
  • The Borrower has a BIR tax registration.
  • The Borrower has up to date National Insurance Scheme contributions for its employees as at January 2020.
  • The Borrower must be VAT Compliant as at of January 2020.

THIS LOAN IS AVAILABLE THROUGH FIRST CITIZENS