FAQs

Business Development Unit - FAQs

Frequently Ask Questions

Have questions about our services, programs, or how we can support your business? Our FAQ section provides quick answers to the most common inquiries about the Business Development Unit (BDU), including funding options, training opportunities, application processes, and more.

What is the Enterprise Assistance Fund (EAF)?

The EAF is a loan initiative by the Business Development Unit under the Division of Finance, Trade and the Economy designed to assist businesses in Tobago.

Who can apply for an EAF loan?

Applicants must:

  • Be citizens of Trinidad and Tobago

  • Reside in Tobago for at least three years

  • Have a registered business (or official documentation for groups)

  • Submit required financial and identification documents

How much can I borrow?

  • Minimum loan: $25,000
  • Maximum loan: $250,000

What is the interest rate?

A fixed interest rate of 5% per year using the straight-line method.

What is the loan repayment period?

  • Up to 5 years for larger loans
  • Up to 2 years for loans under $30,000
    Duration depends on the loan amount, project nature, and repayment ability.

What fees are involved?

  • Processing Fee: $250

  • Legal Fees: Client is responsible for all legal fees related to searches, registrations, mortgages, etc.

What documents do I need to apply?

Key documents include:

  • Proof of age, citizenship, and Tobago residency

  • Registered business certificate

  • Business plan (required for loans $50,000+)

  • Financial records or projections

  • BIR and NIS numbers

  • Proforma invoices

  • References (2 character, 2 business)

  • Proof of collateral and lease/ownership documents

What types of collateral are accepted?

  • Vehicles (under 5 years)

  • Fixed deposits

  • Unit Trust shares

  • Credit Union shares

  • Life insurance policies (with CSV)

  • Bonds and stocks

  • Equipment (under 3 years)

  • Guarantors with proper documentation

What is the application process like?

  • First Visit – Get information and checklist

  • Second Visit – Submit documents and application

  • Third Visit – Meet with Loans Officer

  • Interview – With Fund Management Committee

  • Approval –

    • Loans ≤ $50,000: Reviewed by Secretary

    • Loans > $50,000: Sent to Executive Council

Who can I contact for more information?

Business Development Unit
📞 639-4412 Ext. 53201–53215
📍Victor E Bruce Financial Complex, 2nd Floor, 6–10 Post Office Street, Scarborough, Tobago

What is the EAGP?

The EAGP is a financial grant initiative designed to support small businesses and entrepreneurs operating in Tobago, offered by the Business Development Unit under the Division of Finance, Trade and the Economy.

Who is eligible to apply?

Applicants must:

  • Be citizens of Trinidad and Tobago

  • Reside in Tobago for at least 3 consecutive years

  • Be 18 years or older

  • Physically operate their business from/in Tobago

  • Be registered (e.g., fisherman, wireman, etc., where applicable)

What documents are required to apply?

Applicants must provide:

  • Two valid forms of national ID (Passport, Driver’s Permit, National ID)

  • Utility bill showing a Tobago address

  • Police Certificate of Character (not older than 3 months)

  • Four reference letters (2 business, 2 character)

  • BIR and NIS numbers

  • Public Health Clearance (if required)

  • Bookkeeping records for existing businesses (min. 6 months)

  • Proforma invoices/quotes from three different suppliers

  • Cash flow projections (for new businesses – 2 years)

  • Boat Registration (if applicable)

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Are there any training requirements?

Yes. Applicants must agree to participate in mandatory training in areas such as:

  • Record keeping

  • Any other courses recommended by the Business Development Unit

Do I need to submit original documents?

Yes, applicants must provide all original documents as requested during the application process.

What are the Terms and Conditions of the EAGP?

All applicants must agree to the specific terms and conditions set by the EAGP. These are usually explained during orientation or consultation sessions.

How can I get more information or apply?

Business Development Unit
📞 639-4412 Ext. 53201–53215
📍Victor E Bruce Financial Complex, 2nd Floor, 6–10 Post Office Street, Scarborough, Tobago

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Need Any Financial Help!

Contact Us
1-868-639-4412 ext 53201-15
Send Us Email
info@bdutobago.com