Micro and small enterprises, which qualified for the Entrepreneurial Relief Grant, began receiving their relief cheques on Wednesday 5 August 2020.
A release from NEDCO—the National Entrepreneurship Development Company Limited—reports that the first five cheques were distributed by NEDCO chairman, Clarry Benn.
The first recipients of the Entrepreneurial Relief Grant were: Vijay Sinanan from Jdy’s Candy Land; Keisha Ali from Love 4 Kids; Ming-Lee Brisbane from Lee’s Fashion Fetish; Shaun Faraday of House of Stylz Barber Shop and Supplies; and Naim Ali of PartyTnT.
NEDCO explains that these entrepreneurs collected cheques to help cover their business-related expenses such as salaries, rent, stock and other working capital.
NEDCO chairman, Clarry Benn, noted that providing support to such small and micro businesses via Entrepreneurial Relief Grant is important, given the critical role they play in the local economy.
“Despite their small size, micro and small enterprises employ a large percentage of our working force,” he points out. “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.”
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.
Affected MSEs are invited to visit www.nedcottfunding.com for further information, to check their eligibility for the grant and to apply for the grant.
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:
− Two forms of valid Trinidad and Tobago identification;
− Personal Board of Inland Revenue (BIR) number.
− Certificate of Registration and/or proof of assignment of a business Board of Inland Revenue (BIR) number;
− Proof of business operations;
− Proof of address.