Overview

All borrowers for tourism-related businesses from participating financial institutions would qualify for access to the Tobago Tourism Business Development Fund with the associated issuance of Letters of Undertaking subject to their having achieved a sixty (60%) percent benchmark determined by the relevant financial institution as the level of business to be considered tourism related business.

Criteria

  • Operating a business in the tourism sector for three (3) years in Trinidad and in Tobago.
  • Servicing existing debt for at least twelve (12) months over the past three (3) years.
  • Employing a workforce of at least five (5) persons.
  • Making required annual payments of Guarantee fees of 1.0% on the existing loans and on the declining balances.

Benefits for users of the Fund

  • Interest subsidy for new and restructured loans of 5.0 percentage points provided by the Government and funded by the Tobago Tourism Development
    Fund.
  • Long maturity period of fifteen (15) years provided by the financial institutions.
  • Comfort that usage could be enhanced with the change in the terms and conditions of the lending, thereby creating a cash flow