Republic Bank Ltd (RBL) has granted 520 loans totalling $40 million in support of its small and medium enterprises (MSME) customers.
In July, the bank launched its MSME Micro Loan, which specifically targets MSMEs. A statement on Friday said the loans offer easy qualifying criteria for small businesses to access loans up to $100,000.
The release said MSMEs have high potential but are sometimes overlooked and underserved by financial institutions, calling its new loan innovative with discounted rates and other incentives for businesses.
In the five months since its launch, the loans have been used in various sectors, including agriculture, personal services, business services and transportation.
The bank's vice president, Parasram Salickram, said, 'What sets RBL apart is that we don't only give financing, but we walk the journey with our customers by providing financial counsel and business development training to expand awareness.'
He said since the campaign's launch, the bank has hosted several MSME-focused initiatives, including the Republic Entrepreneurial Edge programme and an SME Workshop and Marketplace, which formed a key component of a training day at the Caribbean Association of Bankers' AGM and conference.
The bank hosted an in-house marketplace for its MSMEs and SMEs to observe Global Entrepreneurial Week from November 13-19. Salickram said these initiatives were undertaken to build the business acumen of the entrepreneurs and showcase their products and services.
The release said RBL is committed to supporting its staff, who are entrepreneurs, with packages and offers to guide their business development and growth.
Fifteen staff members, together with 43 Caribbean entrepreneurs from territories across the RBL Group, graduated from the Entrepreneur Business Builders programme, held by RBL in collaboration with BPD and Associates. The training initiative aimed to bolster the sustainability and profitability of companies led by women entrepreneurs in the Caribbean.
Salickram said, 'Entrepreneurs play a vital role in a robust and resilient economy, and Republic Bank's support aligns with our commitment to the Principles for Responsible Banking as we do our part to move the needle on the attainment of sustainable development goals in the territories in which we operate.'
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