About the MSME 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 Micro, Small and Medium Enterprises (MSME). The aim of this initiative is to reinforce the MSME sector’s position as an integral part of the economy.

The guarantee provided by the Government of the Republic of Trinidad and Tobago represents 100% of the loan amount. No MSMEs will be required to provide security.

Who can apply?

Applications are open to all business entities with annual revenues of TT$ 500,000 to TT$25 million.

Applicants must provide evidence of sales.

How much can you borrow?

The loan amount is between TT$150,000 and TT$600,000 to finance salaries, working capital and purchase of inventory / raw materials and *fixed assets.

Annual Revenue (TT)Maximum Loan Limit (TT)
$500,000 – $6,000,000$150,000 (Minimum loan amount)
Over $6,000,000 – $10,000,000Up to $250,000
Over $10,000,000 – $15,000,000Up to $375,000
Over $15,000,000 – $20,000,000Up to $500,000
Over $20,000,000 – $25,000,000Up to $600,000 (Maximum loan amount)

*Special conditions apply

Terms of the loan

Up to 7 years to repay with a 2-year moratorium on Principal Payments. Interest will be paid by the Government of the Republic of Trinidad and Tobago.

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 is not an entity owned by individual(s) holding public nor political office.
  • 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, 2021.

 

The following pre conditions are also applicable:

  • Only one (1) facility in Phase 2 of the Program may be extended to a Borrower within a borrower group. For the avoidance of doubt, and without prejudice to the foregoing limitation, the fact that a facility was extended to a Borrower within a borrower group during Phase 1 of the program shall not prevent that Borrower or another borrower within the same borrower group from obtaining a facility under Phase 2 of the Program.
  • The Borrower is a business operating and incorporated in Trinidad and Tobago and in operation as of March 1, 2021.
  • The Borrower has a BIR tax registration or provides a letter signed by the BIR indicating it is in the process of being registered.
  • The Borrower has up to date National Insurance Scheme contributions for its employees up to 2018.
  • The Borrower is up to date with its payments for taxes and VAT for the year ended 31st December 2018, or has a letter from BIR indicating that appropriate arrangements with the BIR to settle the obligations.
  • The Borrower consents to the sharing of any information by the Bank related to BIR and National Insurance Scheme contributions with the relevant departments of the Ministry of Finance, the Board of Inland Revenue, the National Insurance Board or any other relevant authority dealing with the payment of taxes or the collection of National Insurance contributions.
  • The Borrower is not in arrears on existing borrowing facilities with any financial institution by 120 days or more as at the Loan application date.
  • The Borrower undertakes to settle all outstanding statutory obligations owed to the Board of inland Revenue for taxes including Value Added Tax (VAT) and to the National Insurance Board for NIS contributions (“Statutory Obligations”) within one year of the disbursement of the facility or make appropriate arrangements with the BIR and the National Insurance Board to settle the obligations failing which the loan must be repaid in full within two (2) years.

THIS LOAN IS AVAILABLE THROUGH FIRST CITIZENS