Republic Bank Expands Its Support to MSMEs By TT$50 Million

Port-of-Spain, Trinidad, March 4, 2024: From March 1, 2024, Republic Bank has made an additional $50 million available to help Micro, Small and Medium Enterprises (MSMEs) through its ground-breaking Micro loan product. The loan, which is tailored specifically for MSMEs, offers a package of attractive concessions, including relaxed qualifying criteria that allow small businesses to access loans up to $100,000.

Following the launch of the Micro Loan in July 2023, the Bank has witnessed an overwhelmingly positive response from micro, small and medium entrepreneurs. The initial allocation of $20 million was exhausted within three (3) weeks of the loan’s introduction to market. The high demand led Republic to allocate an initial increase of $30 million towards the product in July. The $50 million March 2024 investment is the third tranche to be directed for the benefit of micro, small and medium entrepreneurs.

“Over the last 8 months, we were thrilled to have disbursed $43 million, to assist over 600 micro, small and medium entrepreneurs. These small businesses collectively have a big impact on the prosperity of our economy and the wellbeing of our society by creating employment and offering much-needed products and services, especially to remote, underserved or niche markets,” said Aldrin Ramgoolam, General Manager, Commercial and Retail Banking at Republic Bank.

He continued, “It is our honour to support these unsung heroes of our economy, many of whom we’ve found have the capability to grow and expand. We want our customers to achieve their vision and goals for their businesses just as much as they do. Therefore, for MSMEs who avail of our Micro loan, they don’t merely get a financing partner with Republic Bank, but a business development partner as well.”

To illustrate his point, Ramgoolam highlighted that the Bank will be hosting its first women-owned business Pop-Up Market on March 8, 2024, from 3:00pm at the Fiesta Plaza, Movietowne, Port of Spain in celebration of International Women’s Day. On the same day, under its Power to Make a Difference Corporate Social Responsibility programme, the Bank will also launch its call for registration for the third cohort of its Entrepreneurs Business Builder programme, done in partnership with Business and People Development Associates. He remarked “With us, we’ve adopted a holistic approach to empowering our MSME customers. Yes, we give financing, but we also give our customers advice and opportunities for training, development, marketing and promotion.”

The Republic Bank Micro loan is available to Micro, Small and Medium Enterprises across all sectors including personal services, business services and transportation. The loan is one outcome of the Bank’s strategic commitment to the Principles for Responsible Banking and the attainment of the United Nations Sustainable Development Goals (SDGs), including SDG 8: Decent Work and Economic Growth; and SDG 9: Industry, Innovation and Infrastructure.