Republic Bank unveils guaranteed loans for small businesses

Republic Bank, as part of efforts to bolster the health of the economy by providing adequate support to SMEs, has announced an offering that will grant small businesses access to loans as high as EC$300,000 and startups as much as EC$100,000.

This scheme is backed by the Eastern Caribbean Central Bank (ECCB), and the World Bank, under the Eastern Caribbean Partial Credit Guarantee Corporation, (ECPCGC).

The ECPCGC has put guarantees in place that make it easier for involved lenders to provide loans to Small and Medium Enterprises (MSMEs).

Through this new offering by Republic Bank, small businesses with potential, which were previously unable to meet up to the regular requirements, can now get a variety of options to suit their category of business. The loan offerings include start-up loans, working capital loans, and loans for general business operations and growth.

MD of Republic Bank, Michelle Palmer, said: “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”

The option is open to businesses in St. Lucia, St. Kitts and Nevis, Dominica, St. Vincent, and the Grenadines and Grenada. Interested businesses can simply reach out to a Business Banking Manager to deliberate on terms that are tailored to meet their specific needs.