Criteria To Qualify:
- Must be a member in good standing 30 days prior to 15 March, 2020
- Member must be a national or permanent resident
- Must have earned income from employment in Trinidad & Tobago during the thirty (30) days immediately prior to 15 March, 2020
Terms of the loan:
- Maximum loan value $15,000
- Rate of 6.00% per annum or 0.5% per month
- Maximum term of 24 months
- No payment (of principal and interest) for three months from date of disbursement
- No processing fees - TransUnion Fees to be absorbed by Venture
- Two forms of picture ID (one must be National ID or Passport to show nationality)
- For non-nationals, proof of residency must be presented
- Proof of address (Utility Bill/Bank Statement in Member’s name. If bill not in Member’s name an authorization letter will be required)
- Evidence of loss of income (such as letter from employer)
- NIS number, where available
- Evidence of re-employment- a letter from employer stating the Member has been rehired or will be rehired at a future specified date and estimated salary
Frequently Asked Questions
VENTURE Credit Union shall consider loans for members who are in good standing and are nationals or permanent residents. Also, members who have earned income from employment or business in Trinidad and Tobago during the thirty (30) days immediately prior to 15th March 2020.
Once the Borrower is a member of VENTURE Credit Union from the 15th March 2020, they are entitled for the application of this loan.
Each Borrower shall provide VENTURE Credit Union with information to allow determination of the loss of income or earning from COVID-19 restrictions such as but not limited to:
A complete COVID-19 Emergency Income Loan Application in the form provided by the CFF.
A letter from his/her employer attesting that the Borrower’s loss in income was due to the COVID-19 regulations and that it is the intention of the employer, other things being equal, to re-engage the Borrower in his/her previous employment as soon as the removal of the COVID-19 restrictions.
A recent pay slip showing the wages or salary earned.
Where the Borrower is not an employee, he/she shall provide reasonable information and details to allow VENTURE Credit Union to ascertain the loss of earnings and income due to the COVID-19 regulations.
The Borrower shall provide a declaration and certificate to VENTURE Credit Union with response to the accuracy of the information provided to support the estimated loss of income and earnings and the need for the loan facility.
VENTURE Credit Union may, at its sole discretion, grant additional facilities not covered by this Agreement, to a Borrower for that Borrower’s financing needs because of the economic disruption caused by the COVID-19 Pandemic.
Amount: Fifty percent (50%) of the Borrower’s lost income and earnings for March, April and May 2020 or fifteen thousand dollars ($15,000.00), whichever is lower.
Fees: No application or processing fee will be charged for loans made according to this Agreement
Interest: VENTURE Credit Union shall charge an effective rate of interest on the loans not exceeding 0.50% per month on a declining balance basis.
Drawdown: The Borrower shall draw down the loan in a manner and at the date(s) agreed with VENTURE Credit Union.
Moratorium: The Borrower shall be entitled to a moratorium on the repayment of capital and interest on the loan facility during the period of GORTT mandated suspension or reduction of economic activity in his/her sector.
Repayment Period: The standard period for repayment shall be within twenty-four (24) months following the removal by the Minister of Health of the restrictions that prevent applicant from resuming employment.
There is no deadline for the Covid-19 Relief Loan application. However, it is limited by a quantum.