Republic Bank Fostering Economic Growth By Empowering Small Businesses

St. George’s, Grenada; July 01, 2021: Republic Bank, in its continued efforts to fuel small business growth and support national economic development, is constantly scoping opportunities to expand its portfolio of products and services to meet the needs of the communities it serves. Its most recent product is its new guaranteed loans of up to EC$300,000 for existing Small Businesses and up to EC$100,000 for Start-Ups.

This is made possible through a partnership with the ECCB and the World Bank, under the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC). The ECPCGC provides guarantees to qualifying Micro, Small and Medium Enterprise customers to access loan financing.

With the signing of this Partnership agreement, Small Businesses which are viable yet unable to provide adequate collateral for the loan, can now benefit from this credit guarantee programme via three specific products: - start up loans, working capital loans and loans to fund business expansion and general operations.

Managing Director, Mrs. Naomi De Allie welcomes this partnership, stating: “Partnering on this valuable initiative gives us tremendous opportunities for wider reach and impact which would stimulate economic growth and development. It also allows us to empower through financing, a key sector of our economy - our Micro, Small and Medium Enterprises (MSMEs), 80% of which generate 50 percent of the nation’s jobs and contribute approximately 50% percent of GDP”.

Small Business owners are encouraged to come in, call our Small Business Coordinator or Specialist on telephone numbers 405-6352 / 405 6363; or, email smallbusinesslending@republicgrenada.com to discuss how the Bank can assist you with bringing your unique projects and business ideas to fruition.

Customers and potential customers can also visit www.republicgrenada.com for further information on our special offerings to small businesses.