CCULTT – CFF signs government guaranteed loan facility

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PORT OF SPAIN, Trinidad — On Friday, May 8, 2020, Colm Imbert, minister of finance, on behalf of the government of the Republic of Trinidad and Tobago (GORTT), signed an agreement with the Co-operative Credit Union League of Trinidad and Tobago (CCULTT) and the Central Finance Facility (CFF), for a $100 million government Guaranteed Loan Facility.

The agreement allows Credit Unions which fall under the umbrella bodies of the Co-operative Credit Union League of Trinidad and Tobago (CCULTT) and the Central Finance Facility (CFF), to provide COVID-19 emergency income loans to affected nationals and residents who are members. This follows the initial signing agreement which occurred on Monday, April 27, 2020.

Members may avail themselves of affordable loans at their Credit Unions of up to $5,000 per month for three months, or $15,000 in total. These loans will be priced at half the usual interest rate and will have very favorable repayment terms.

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