Tobago Chamber: Utilise aid to emerge stronger

The Tobago Business Chamber is urging Tobagonians to take advantage of the initiatives being offered by the Government as it attempts to mitigate the fallout from the novel coronavirus (covid19) pandemic.Tobago businesses have been hit hard by the precautionary measures taken by Government including ending the cruise ship season prematurely and a closure of TT borders.

In a WhatsApp voice message on Wednesday, the chamber's chairman Martin George said the organisation fully supports the initiatives."We understand that the measures taken by the Government are necessary measures and the business community in Tobago is fully supportive of the Government and the steps taken to try and combat the effects of this virus," he said."However, we are also mindful of the effects on the business community, business persons and, of course, their workers, staff and the families of these workers.

"So, we encourage everyone to take advantage of the initiatives provided by the Government to provide some sort of relief for the workers, if it is the salary relief, if it is encouraging landlords to be understanding and compassionate at this time in terms of people's rent payments, in terms of the deferral of higher purchase payments from agencies which provide higher purchase services to the public, in terms of asking the banks to offer relief for customers, in terms of suspending mortgage payments and loan payments for a three-month period."George also urged business owners to be proactive, creative and innovative.

"Try to take advantage of the opportunities offered by the incentives that the Government has provided, as regard the loans or the facilities or improving and upgrading your premises, or the way you do business and ensuring that we do emerge from this stronger and more resilient as business people in Tobago."He added: "We understand that tough times don't last but tough people do. So, we intend to support our members, support the public and the Government in its initiatives to ensure that we come through this crisis a bigger, better, stronger Tobago business community for the benefit of all."The Government recently announced a suite of measures aimed at keeping businesses afloat and easing the financial pinch on affected people in the midst of covid19.

These include a moratorium through the TT Mortgage Finance Company and the Housing Development Corporation, to assist customers who experience difficulty during this period in meeting their monthly commitments and a special grant facility for hoteliers to upgrade their establishments, during this slow period, in preparation for future business.

The Government also intends to institute a liquidity support loan programme to its members through the credit union movement. The objective of the programme is to provide liquidity support to individuals and those with small businesses who qualify for credit union loans. Individuals and businesses who access the programmes will be expected to repay the loans within 12 months after the end of the affected period.