Help and Frequently Asked Questions

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

Eligible Small and Medium Enterprises which have been impacted by the COVID-19 pandemic are invited to apply for the SME Stimulus Loan. Read below to find out more about any questions you may have.

This is a loan to be repaid within 5 years.

Yes. You are required to repay the principal, however no payments are required for the first 2 years.

No. Interest on this loan will be paid by the Government of the Republic of Trinidad and Tobago.

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

 

The customer will be contacted and given an appointment to visit the branch for disbursement.

Please see here for details about all of the documents you will need to submit as part of your application. 

No, each SME business is limited to only one loan facility under the Programme.
No, only one SME business among those operated by connected parties or by companies within a group of connected companies may access a loan facility under the Programme.
When, directly or indirectly, they are controlled by or under common control of the same person or persons. “Person” or “persons” refers to both legal persons such as companies and natural persons or individuals. SMEs that apply for a loan facility under the Programme will be required to certify that no other SME with which they have a connection has been granted a loan facility under the Programme.
While this is not expected to occur, where contrary to the conditions of the Programme, different SMEs operated by connected parties or by companies that form part of a group of connected companies each apply for and are granted a loan facility under the Programme, only the loan facility which was granted first in time shall be recognized a loan under the Programme and as benefitting from the preferential terms accorded to such loans. All subsequent loans will be converted by the relevant participating lender to a commercial loan, and the Borrower shall be required to repay the full entire principal balance and interest. This includes any interest that would have been payable by the Borrower had the loan been subject to the Programme.

Yes. 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.

No. Upon approval of your loan, you will be required to open a First Citizens business chequing account and subscribe to eFirst.

Yes. We take this opportunity to update your existing records with us.

The loan proceeds will be comprised as follows: salaries, working capital, inventory/raw materials.

There will be other programmes available to you. Please visit www.finance.gov.tt for further information on relief initiatives.

Tobago business owners can consider the Tobago House of Assembly’s Enterprise Assistance Fund or The Enterprise Assistance Grant Programme.

Customers will be contacted within 2 business days of submitting their online application. Processing times will vary.

If unavailable, please complete our templates to show your Balance Sheet and Income Statement (refer to First Citizens Balance Sheet and Income Statement Template), and Cash Flow Projections for one (1) year (refer to First Citizens Cash Flow Template).

eFIRST is a business online banking platform by First Citizens. Details of the platform can be found here.

Please visit www.finance.gov.tt for further information on relief initiatives.

Tobago business owners can consider the Tobago House of Assembly’s Enterprise Assistance Fund or The Enterprise Assistance Grant Programme.

THIS LOAN IS AVAILABLE THROUGH FIRST CITIZENS

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