The Cooperative Credit Union League of Trinidad and Tobago said they signed a Memorandum of Understanding (MOU) with the Government for the roll out of a $100 million dollar emergency income loan facility.
The League said, “As the national umbrella body for Credit Unions in Trinidad and Tobago, we commend the GORTT on this significant milestone in meeting the needs of members who have been laid off from their jobs, affected small businesses and sole traders. This is a significant factor in meeting the economic and social needs of our members and their families.”
The League added that the loan will also ease the financial burden and personal stress to its members who are generally in the low- and medium-income bracket, and who are often classified as downtrodden and of modest means.
“The League supports the consideration of debt rollover, and interventions to increase the flow of low-cost loans to businesses aimed at protecting wage bills, the fall in sales, and minimizing layoffs.”
All members affected are invited to contact their Credit Unions for more information.