Republic Bank, in its continued efforts to stimulate small business growth and support national economic development, unveiled its latest product of secured 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), according to a statement.
The ECPCGC provides guarantees to participating financial institutions to help micro, small and medium enterprises (MSMEs) access loan finance.
With the signing of this partnership agreement, viable small businesses, but unable to meet normal lending criteria, can now access, through Republic Bank, three guaranteed loan products, namely start-up loans, working capital and loans for general businesses. operations and growth.
Chief Executive Officer Michelle Palmer praised this partnership, stating that âPartnering on this initiative provides us with tremendous opportunities to have a broader reach and impact to drive economic growth and development in our operating territories. . It also empowers us through finance, a key sector of our economy – our micro, small and medium enterprises (MSMEs) which represent 70 to 85 percent of businesses in the Eastern Caribbean, generate 50 percent of employment. national and contribute to 70% of the GDP â
Small businesses in Saint Lucia, Saint Kitts and Nevis, Dominica, Saint Vincent and the Grenadines and Grenadines are encouraged to call and speak with a Director of Business Banking to discuss how the Republic Bank can meet their various unique needs. Clients and potential clients can also visit (www.republicbankec) for more information on our small business portfolio.