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For small entrepreneurs in Trinidad and Tobago’s accommodation sector, the process of accessing financing for the upgrade and refurbishment of room stock has become much easier.
As part of the recently launched Trinidad and Tobago Hotel and Guesthouse Room Stock Upgrade Incentive Project, the Tourism Development Company Limited (TDC) on March 5, hosted jointly with the National Entrepreneurship Development Company Limited (NEDCO), a seminar entitled Accessing Financing Facilities from NEDCO which targeted entrepreneurs in the local accommodation sector.
“The TDC recognises that for this project to be a success, a significant number of our small and medium sized guesthouses and hotels may require loan funding to execute the necessary upgrade works,” said Mr Ernest Littles, TDC’s President and Director of Tourism in his welcome address.
“With NEDCO’s mission being to support the development of existing SMEs to achieve sustainability and competitiveness, the opportunity arose for a strategic partnership on this vital project,” he added.
Dedicated to the development of sustainable and competitive small and micro enterprises, NEDCO provides loan facilities in three categories, up to a maximum of $500,000 for third time loan applicants.
NEDCO’s Acting CEO, Mr. Lloyd Yearwood expressed delight in partnering with a sister organization, stating that NEDCO was established to satisfy a need to provide a source of financing to micro and small enterprises and training in business and lifestyle disciplines, along with mentoring and business advisory services.
He then introduced the NEDCO team, Mr. Ashley Mitchell, Executive Manager, Development Support Services who spoke extensively on business support services and Mr. Curtis Mayers, Corporate Business Analyst who delivered a presentation on financing opportunities.
Both presentations were well received by participants who expressed interest in the services offered.
“It was very informative. It is a good thing for the TDC to act as a facilitator to get some of these players to assist, especially in the financing aspect. Previous to attending (the seminar) I did not know we could have approached NEDCO and there are probably many other grants and financing facilities available for hoteliers that we are just not aware of,” said Smyke Sammy, manager at Coblentz Inn Boutique Hotel.
Thanking Mr. Yearwood for recognizing the project’s significance to the development of small and medium sized tourism enterprises, Mr. Cornell Buckradee, TDC’s Investment Promotion Manager stated that “As a fellow state enterprise, NEDCO recognizes that the provision of support services is necessary for these businesses to achieve financial independence, sustainability and competitiveness.”
“Trinidad and Tobago is at a critical stage where the sustainability of our tourism industry is highly dependent upon our ability to compete effectively. As a result, the TDC recognizes among other things, the need to provide the fullest support to property owners to ensure that the country’s room stock is maintained at a first class level,” he added.
The NEDCO seminar is the first in a series of initiatives with the aim of ensuring accommodation properties that qualify for the Trinidad and Tobago Hotel and Guesthouse Room Stock Upgrade Incentive Project are able to access financing facilities. A similar joint initiative, between the TDC and the Business Development Company Limited (BDC), is expected to be launched soon.
Facilitating the upgrade of the existing room stock of small and medium sized hotels and guesthouses, the two year Trinidad and Tobago Hotel and Guesthouse Room Stock Upgrade Incentive Project will provide a 25 percent reimbursement on the cost of upgrading guest rooms upon completion, up to a maximum of $12,500, per room for properties in Trinidad and $15,000 per room for properties in Tobago .
To learn more contact the TDC’s Investment Promotion Unit at 675-7034 ext 290.

Monday, March 12