Credit Unions and Government sign “COVID-19 Relief” Loan Agreement


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 c19sup­port@cen­tral­fi­nance­fa­cil­i­ty.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.





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