Development Finance

What Development Finance does

Development Finance Limited (DFL) is a licensed non-bank financial institution headquartered in Port-of-Spain, Trinidad and Tobago, operating three branches across the country (Port-of-Spain, Barataria, San Fernando) with 11–50 employees. The company originated in the 1970s as Trinidad and Tobago Development Finance Company, a state enterprise focused on SME financing, and was restructured after 2011 into its current form offering a diversified portfolio of savings and lending products. DFL is licensed by the Central Bank of Trinidad and Tobago under the Financial Institutions Act 2008, regulated by the Trinidad and Tobago Securities and Exchange Commission, and is a member of the Deposit Insurance Corporation, with deposits insured up to TT$200,000.

DFL's product suite spans three fixed deposit variants (TTD Deposit, USD Deposit, Dual Currency Deposit paying interest in USD), corporate and commercial business loans, equipment financing (where equipment may serve as collateral), Central Bank-licensed forex services for currency risk mitigation, and corporate bond origination for medium and large corporate clients. The company is described as one of the oldest issuers of tax-exempt bonds in Trinidad and Tobago, with bonds fully secured by Government of the Republic of Trinidad and Tobago securities and rated CariAA-/ttAA- with stable outlook by CariCRIS. Its technology stack is a conventional financial services platform, with a single notable proprietary tool being an online Compound Interest Calculator supporting customer savings decisions.

The business model is classic non-bank financial intermediation: DFL sources funds from individual savers and retirees via fixed deposits (competitively priced at 3.00% for 1-year terms up to 3.60% for 5-year terms) and corporate bond issuances, then deploys those funds into SME and corporate loans, equipment financing, and forex services. Revenue is generated from the net interest spread between deposit rates and lending yields, plus transaction fees on forex and bond origination. The go-to-market is sales-led, with direct engagement through branches, a toll-free phone line (800-4DFL), online deposit opening, and content marketing targeting retirees, SME owners, and corporate finance teams — a customer base concentrated entirely in Trinidad and Tobago.

Name

Development Finance

Legal name

Development Finance Limited

Website

https://dflbusiness.com

Company type

Private

Founded year

1970

Operating status

Operating

Headcount range

11–50 employees

Short description

Development Finance Limited is a Trinidad and Tobago non-bank financial institution offering fixed deposits (TTD, USD, dual-currency), business loans, equipment financing, forex services, and corporate bond origination to individual savers, SMEs, and corporate clients across three branches.

Ownership category

akta.pro rank

Product category

Non-Bank Financial Services

NAICS

Depository Credit Intermediation (5221)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

National/Regional Development Finance Institutions (DFIs) (FSABAKAB)

akta.pro secondary industry

SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Fixed deposits
• Business loans
• Equipment financing
• Forex services
• Corporate bond issuance

Headquarters

HQ city

Port-of-spain

HQ country

Trinidad & Tobago

HQ region

Latin America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Fixed Deposit Interest: DFL accepts fixed deposits from individuals and businesses, paying competitive interest rates (3% for 1 year to 3.60% for 5 years) and using those funds for lending operations.
2. Business Loans and Corporate Bond Origination: Provides business financing to growth-stage and mature companies. Assists medium to large corporate clients with corporate bond issuance for expansion and development. One of the oldest issuers of tax-exempt bonds in Trinidad and Tobago.
3. Forex Services: Licensed by the Central Bank to provide foreign exchange services, helping businesses mitigate currency risks.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels9 records

Core offering

Development Finance Limited is a Central Bank-licensed non-bank financial institution in Trinidad and Tobago that accepts fixed deposits (TTD, USD, Dual Currency) from individuals and businesses, and provides corporate and commercial loans, equipment financing, foreign exchange services, and corporate bond origination to SMEs and medium-to-large corporate clients. Revenue is generated through interest spreads on deposits and lending, plus transaction fees on forex and bond issuance services.

Product overview

Development Finance Limited (DFL) is a merchant bank offering a focused portfolio of deposit products and business financing services. The core product lineup includes three fixed deposit variants (TTD Deposit, USD Deposit, and Dual Currency Deposit) serving different investor needs, business loan products encompassing corporate/commercial loans and equipment financing, forex services for currency risk mitigation, and corporate bond origination services. DFL positions itself as an alternative to traditional banks, emphasizing competitive fixed deposit rates, fast loan approvals, and personalized service for SMEs and individual investors.

Differentiator

Problem solved

Functional benefit

Products and services

• TTD Deposit Trinidad and Tobago dollar fixed deposit product offering competitive interest rates for local investors seeking guaranteed returns over terms of 1 to 5 years. Minimum deposit of $10,000 with flexible interest payment options (monthly, quarterly, semiannual, yearly, or at maturity) and compound interest for deposits over one year.
• USD Deposit US dollar fixed deposit offering competitive interest rates and flexible interest payment options for investors seeking foreign currency exposure and USD-denominated savings with deposit insurance coverage up to TT$200,000.
• Dual Currency Deposit TT dollar fixed deposit with minimum TTD 250,000 that pays interest equivalent value in US dollars at prevailing market rates. Interest rates quoted per annum with compound interest for deposits over one year, covered by DIC and no management fees.
• Business Loans Corporate and commercial loans providing financing solutions for business expansion and development needs, including tailored solutions for the SME sector with flexible credit assessment beyond credit scores. Documents required include business plan, three years of financial statements, three-year cash flow projections, and equipment valuations where applicable.
• Equipment Financing Specialized business financing for purchasing equipment such as computers, furniture, vehicles, and specialized machinery, where equipment itself may serve as collateral with up to 100% financing available. Designed for SMEs needing asset-backed lending solutions.
• Forex Services Foreign exchange services licensed by the Central Bank of Trinidad and Tobago, offering currency trading and risk mitigation for business clients dealing with multiple currencies and needing USD access.
• Corporate Bond Origination Issuance and underwriting of tax-exempt bonds for medium to large corporate clients looking to raise funds for expansion and development, including arranging and underwriting through corporate issues or DFL asset-backed bond issues. One of the oldest issuers of tax-exempt bonds in Trinidad and Tobago, with bonds fully secured by Government of the Republic of Trinidad and Tobago and GORTT-guaranteed securities.

Quantifiable outcome

• Fixed deposits outperform regular savings accounts (less than 1%) with rates of 3-3.60%
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• HADCO DistributionminorChannel Partner/ Reseller/ Distributor · 1 January 2019Fresh Start Juices partnered with HADCO Distribution for their distribution needs. This partnership allowed Fresh Start to focus on manufacturing while HADCO handled nationwide distribution through their network of sales reps, merchandisers, and brand managers.

Scale indicators3 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• ANSA Merchant Bank: Trinidad-based merchant bank offering corporate finance, fixed deposits, loans, and FX services under the ANSA McAL group. Closest functional peer to DFL given overlapping product set, SME and corporate focus, and Central Bank-licensed merchant banking model.
• JMMB Group: Caribbean financial services group with Jamaican origins offering retail deposits, SME lending, money market products, and FX across multiple territories. Comparable product mix, competitive deposit-rate positioning, and SME-targeting playbook.
• Development Bank of Jamaica: Jamaica's national development finance institution providing SME loans, fixed deposits, and corporate financing. Most direct institutional comparator given shared DFI mandate, deposit-taking, and SME focus.
• Citicorp Merchant Bank (Trinidad): Trinidad-licensed merchant bank offering corporate finance, fixed deposits, and FX services. Directly comparable operating model, regulatory classification, and target client base to DFL.

Broad incumbents

• First Citizens Bank: One of Trinidad and Tobago's largest commercial banks, offering deposits, business loans, FX, and corporate banking. DFL competes directly for SME deposits and lending, but First Citizens operates at much greater scale with a full-service commercial bank license.
• Republic Bank: Largest commercial bank in Trinidad and Tobago with extensive branch network and full-service retail, SME, and corporate banking. DFL's deposit-rate premium is positioned directly against Republic Bank's savings products.
• Sagicor Financial: Caribbean financial services group with banking, insurance, and investment offerings including deposit products and SME finance. Comparable in deposit-product positioning and Caribbean retail reach, though larger and more diversified.
• Scotiabank Trinidad and Tobago: Subsidiary of Scotiabank offering full commercial banking including deposits, business loans, and FX in Trinidad. Competes with DFL for retail deposits and SME/Corporate FX and lending, but at far greater scale.
• Guardian Group: Caribbean financial conglomerate offering banking, insurance, and investment products including deposit and SME financing solutions. Comparable Caribbean retail financial-services footprint with overlapping customer segments.

Regional players

• Pan Caribbean Financial Services: Jamaica-based merchant bank and investment bank with deposit products and corporate finance. Comparable merchant banking and deposit-led model, but operates primarily in Jamaica rather than Trinidad.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/dflbusiness
• Facebookfacebook.com/dflbusiness
• LinkedInlinkedin.com/company/development-finance-limited-tt
• Instagraminstagram.com/dflbusiness

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Development Finance