Republic Bank, in its continued efforts to stimulate the growth of small businesses and support national economic development, has unveiled its latest 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 statement said.
The ECPCGC provides guarantees to participating financial institutions to help micro, small and medium-sized enterprises (MSMEs) access loan finance.
With the signing of this partnership agreement, small businesses that are viable, but unable to meet normal lending criteria, can now access, through Republic Bank, three secured loan products, namely start-up, working capital loans and general business loans. operations and growth.
Chief Executive, Michelle Palmer, welcomed the partnership saying, “Partnering on this initiative provides us with tremendous opportunities to have broader reach and impact to drive economic growth and development in our territories. It also allows us to empower, through financing, a key sector of our economy – our Micro, Small and Medium Enterprises (MSMEs) which represent 70-85% of businesses in the Eastern Caribbean, generate 50% of the national employment and contribute to 70% of the GDP”
Small businesses in Saint Lucia, Saint Kitts and Nevis, Dominica, Saint Vincent and the Grenadines and Grenada are encouraged to call and speak to a Business Banking Manager to discuss how Republic Bank can meet their diverse and unique needs. Customers and potential customers can also visit (www.republicbankec) for more information on our small business portfolio.