SME Stimulus Loan

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The Government of Trinidad and Tobago (GOTT) ​has launched a $300M SME Stimulus Programme with the aim of supporting micro, small and medium enterprises impacted by the Covid-19 pandemic. Loans will be facilitated via participating Commercial Banks i.e. Republic Bank, Scotiabank, First Citizens Bank and RBC Royal Bank.

The SME Stimulus Loan is a Government guaranteed loan granted for a maximum of 5 years with a 2-year moratorium on principal payments. The GOTT guarantees 75% of the loan and no payment is required by the customer for 2 years. The interest on the SME Stimulus Loan will be paid by the GOTT and there are no handling fees on these facilities.

All existing Republic Bank commercial customers.

Simply click below to start the process and we will contact you within two (2) business days regarding your application.

To be eligible for the SME Stimulus Loan, an SME is required to declare, amongst other things, that they are in possession of:
  • Minimum of five (5) employees
  • Up-to-date BIR and VAT payments
  • Up-to-date NIB contributions
  • A VAT registration number, where applicable
  • Annual Gross Revenues must be between TT$1 million to TT$20 million and loan amounts may be granted as follows:
    Annual Revenue Maximum allowable Loan Value
    $1M – $6M $75K
    $6M – $10M $76K – $150K
    $10M – $15M $151K – $250K
    $15M – $20M $251K – $325K

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  1. Each Borrower under a Loan Facility shall certify:
    (a) It intends to continue to operate its business or to resume operations;
    (b) It generates its revenues from the sales of goods or services;
    (c) It is not an entity owned by individual(s) holding political office;
    (d) It will not use the proceeds to repay other borrowings;
    (e) It will not use the proceeds to repay any director/shareholder loans;
    (f) It will not use the proceeds to declare a shareholder dividend;
    (g) It will make best efforts to maintain employment of permanent staff as existed at March 1, 2020.

  2. The following pre-conditions shall apply to each Loan Facility:
    (a) The Borrower is a business operating in Trinidad and Tobago as of March 1, 2020 with a minimum of five (5) employees;
    (b) The Borrower has a BIR tax registration and is up to date with payments;
    (c) Proof of the Borrower’s VAT registration number and that payments are up to date (where applicable);
    (d) The Borrower is up to date with National Insurance contributions for its employees as at 31st January, 2020;
    (e) The Borrower has an active business chequing/operating account with the Lender, which is its primary financial institution;
    (f) The Borrower is not in arrears on existing borrowing facilities with the Lender by 90 days or more as at the Loan Facility application date;
    (g) The shareholders of the Borrower are willing to give a personal guarantee;
    (h) The majority shareholder(s) of the Borrower being citizens or permanent resident of Trinidad and Tobago.
    (i) The Borrower is not owned or controlled by any shareholder or person who also owns or controls another SME that is already a Borrower or has applied for a Loan Facility.

  3. Each Borrower shall covenant for the duration of a Loan Facility to provide the Lender with the following:
    (a) Annual Audited or Management Financial Statements for the Borrower(s), within 60 days of each fiscal year end;
    (b) Semi-annual unaudited financial statements for the Borrower(s) within 60 days of the semi-annual date;
    (c) Such other financial and operating statements and reports as and when the Lender may reasonably require;
    (d) Financial covenants that are customary for transactions of this nature.

The SME Stimulus Loan Facility is a government-sponsored loan programme of up to TT$300 million to help micro, small and medium sized businesses impacted by the COVID-19 pandemic.

The Facility is open to micro, small and medium-sized enterprises operating and incorporated in Trinidad and Tobago and in operation as of March 1, 2020.

To be eligible for the Facility, an SME is required to declare, amongst other things, that they are in possession of:

  • Annual Gross Revenues between TT$1 million to TT$20 million
  • Minimum of five (5) employees
  • Up-to-date BIR and VAT payments
  • Up-to-date NIB contributions
  • A VAT registration number, where applicable

SMEs:
  • with majority shareholder(s) that are non-nationals (not citizens or permanent residents of Trinidad and Tobago); or
  • with gross revenues of less than TTD1 million or more than TTD20 million, and/or less than (5) five employees are NOT eligible to apply for loans under this Facility; or
  • with loans in arrears 90 days or more.
The business must confirm that the loan will be used solely for salary payments, working capital and purchase of raw materials.
  • Up-to-date annual audited or management financial statements, to also be submitted annually within (60) days of each fiscal year-end during the life of the loan;
  • Semi-annual unaudited financial statements within (60) days of the semi-annual date;
  • Financial and operating statements as required by the lending institution;
  • Financial covenants that are customary for transactions of this nature;
  • Borrowers must be compliant with KYC requirements
Loans under the SME Stimulus Loan Facility are available over a fixed five (5) year term.
Businesses are not required to make repayments for the first twenty-four (24) months but will have to repay the principal in (36) thirty-six equal monthly principal instalments thereafter. Government will pay all interest.
Yes, prepayment is allowed without penalty.
Government will pay all interest on the loan. There is no interest cost to the borrower.
Yes. The Government of the Republic of Trinidad and Tobago will secure 75% of your loan balance.
Each borrower may be responsible for providing collateral for the remaining 25% of the loan balance that is not secured by the Government, as required by the lending institution. Shareholders of the borrower may also be required to provide personal guarantees for 50% of the loan.
In addition to meeting eligibility criteria, the SME must certify that:
  • It intends to continue to operate its business or to resume operations;
  • It generates revenues from the sales of goods and 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.
  • It is not owned or controlled by any shareholder or person who also owns or controls another SME that is already a borrower or has applied for a loan facility under the program;
  • Shareholders of the SME must also be willing to provide personal guarantees.
Loans will be available from First Citizens Limited, RBC Royal Bank (T&T) Ltd, Republic Bank Ltd and Scotiabank (T&T) Ltd.
The Facility is open until September 30, 2020.
If you are interested in the SME Stimulus Loan Facility you should visit your financial institution’s website for more information.
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