Republic Bank unveils guaranteed loans for small businesses
Republic Bank, in its continued efforts to fuel small business growth and support national economic development, has unveiled its most recent product of guaranteed loans of up to EC$300,000 for small businesses and up to EC$100,000 for Start-Ups.
This is made possible through a partnership with the Eastern Caribbean Central Bank (ECCB), and the World Bank under the Eastern Caribbean Partial Credit Guarantee Corporation, (ECPCGC), a release states.
The ECPCGC provides guarantees to participating financial institutions to assist Micro, Small and Medium Enterprises (MSMEs), to access loans financing.
With the signing of this Partnership agreement, Small Businesses which are viable, yet unable to meet normal lending criteria, can now access through Republic Bank, three guaranteed loan products, namely, start-up loans, working capital loans, and loans for general business operations and growth.
Managing Director Michelle Palmer, has welcomed this partnership stating that “Partnering on this initiative gives us tremendous opportunities to have wider reach and impact to stimulate economic growth and development in our operating territories. It also allows us to empower through financing, a key sector of our economy – our Micro, Small and Medium Enterprises (MSMEs) which make up 70 to 85 percent of businesses in the Eastern Caribbean, generate 50 percent of national employment, and contribute up to 70 percent of GDP”
Small Businesses in St. Lucia, St. Kitts and Nevis, Dominica, St. Vincent and the Grenadines and Grenada are encouraged to call and speak to a Business Banking Manager to discuss how Republic Bank can assist with their various unique needs. Customers and potential customers can also visit (www.republicbankec) for further information on our small business portfolio.