Thursday 29 October, 2020

Micro and small businesses receive COVID-19 relief grants

Photo courtesy NEDCO

Photo courtesy NEDCO

Several micro and small business owners recently received COVID-19 relief grants of up to $20,000 as part of the National Entrepreneurship Development Company Limited's (NEDCO) pandemic relief plan.

The company said N/EDCO chairman Clarry Benn presented cheques to the first five applicants who qualified for the Entrepreneurial Relief Grant during a brief cheque handover on August 5 at the NEDCO head office in Port of Spain.

NEDCO said as part of its national COVID-19 relief efforts, the Ministry of Finance is offering an Entrepreneurial Relief Grant for micro and small enterprises (MSEs) that earn less than TT$1 million in annual revenues and were negatively impacted by the COVID-19 pandemic.

The grant, which is being administered by NEDCO, provides MSEs with a maximum of TT$20,000.

The company said so far the business owners of Jdy’s Candy Land, Love 4 Kids, Lee’s Fashion Fetish, House of Stylz Barber Shop and Supplies and PartyTnT all collected cheques to help cover their business-related expenses such as salaries, rent, stock and other working capital.

Benn noted the critical role that the Entrepreneurial Relief Grant recipients play in the country's local economy.

“Despite their small size, micro and small enterprises employ a large percentage of our working force. However, their small size makes them extremely vulnerable and the economic impact of the COVID-19 pandemic has been devastating to some of these companies. NEDCO is pleased to assist in the government’s COVID-19 relief efforts through the administration of the Entrepreneurial Relief Grant.”

Affected MSEs are invited to visit www.nedcottfunding.com for further information, to check their eligibility for the grant and to apply.

  • Applicants must meet the following criteria to qualify for the Entrepreneurial Relief Grant:
  • Business owners must be a citizen or legal resident of Trinidad and Tobago and be 18 years and over
  • Applicants must have an existing business to apply
  • Unregistered businesses can apply, but applicants must register their company before funds are disbursed
  • The business must earn less than TT$1 million in annual income
  • Any type of legal business can apply, including sole traders
  • Applicants who received other COVID-19 relief benefits are not eligible for the Entrepreneurial Relief Grant
  • Applicants with pending or current criminal court proceedings against them will not be eligible.

The following documents must be submitted to apply for the Entrepreneurial Relief Grant:

Personal Documents

Two forms of valid Trinidad and Tobago identification

Personal Board of Inland Revenue (BIR) number.

Business Documents

Certificate of Registration and/or proof of assignment of a business Board of Inland Revenue

(BIR) number;

Proof of business operations;

Proof of address.

For more information contact NEDCO at 821-5800.

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