The Ministry of Finance and several credit unions in this country, today signed a special agreement that would see credit union members obtaining financial relief from their credit unions, to weather the current COVID-19 crisis.
According to a news release from the Central Finance Facility Co-operative Society of Trinidad and Tobago Limited, participating credit unions can now provide loans up to $15,000 to their members who have been severely impacted by the pandemic.
The full text of the statement on the Loan Agreement, follows…
CREDIT UNIONS SIGN ‘COVID-19 RELIEF’ LOAN AGREEMENT WITH THE GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO
Chaguanas, Trinidad – May 8, 2020: Credit Unions today signed their Liquidity Support Loan Agreements with the Ministry of Finance and will start providing loans to members whose incomes have been eroded or depleted as a result of the COVID-19 pandemic.
The program, which is financed by the Government, is intended to provide funds to members so that they can continue to pay their bills and feed families until their circumstances can be improved, or when they can turn around their situations.
Loans will be granted at an annual rate of 6% with a maximum principal amount of $15,000.00.
Participating Credit Unions include Community Care Credit Union, PSCU Credit Union, Pentecostal Credit Union, VENTURE Credit Union, Runnemede Credit Union and Mason Hall Credit Union. All will receive backroom technical support from the Central Finance Facility (CFF), the Financial and Developmental Institution of the local Cooperative movement. This follows the signing of the agreement with Government on April 27, 2020, for the establishment of a Government Financed Liquidity Support Loan Facility which will back the Coronavirus Relief Loan.
This loan facility was specially established to enable credit unions to provide the necessary support to their members who have been negatively affected by the COVID-19 Pandemic. Present at the signing on April 27, 2020 were the Minister of Finance, Honourable Colm Imbert, Vice President of the Central Finance Facility (CFF), Mr. Lyndon Byer and President of the Cooperative Credit Union League of Trinidad & Tobago, Mr. Joseph Remy.
Individuals can access this facility by contacting their respective credit union or contacting the Central Finance Facility (CFF) at 739 4496 or via email email@example.com.
As the country continues to battle the effects of the COVID-19 pandemic, the Central Finance Facility (CFF) continues to press for the survival and security of its members and their membership.