Republic Bank Expands Support for Businesses with Enhancements to its Commercial Offers

Port of Spain, Trinidad, September 26, 2024 – In a continued effort to support the growth of businesses of all sizes, Republic Bank announced important enhancements to Commercial Loans today at its Republic House headquarters, Park Street, Port of Spain. These enhancements follow the highly successful launch of Republic Bank’s Micro Loans (a subset of the Micro, Small and Medium Enterprises (MSME) suite of loans) and the Agri-Business Loan product during the past year.

In taking another step to better support its customers across the spectrum of Micro, Small and Medium enterprises, the Bank’s enhanced commercial offer addresses the challenges these clients face in acquiring commercial properties, commercial equipment financing, and securing working capital for market expansion or meeting seasonal demand.

• A Commercial Mortgage package for mixed-use properties - that is, properties used for both residential and commercial purposes. Borrowers within this category will now enjoy an increased term of 25 years, with the option of special interest rates and financing of fees.
• An increased term of 25 years for Commercial Equity Loans on mixed-use residential/commercial properties with equity;
• A special package for working capital financing for stock purposes, business activities etc; and
• Other special loan offerings - including financing to hydroponics farmers - rate reductions and concessions.

These new concessions add to the Bank’s earlier mentioned offers for MSMEs, specifically its Micro Loan that facilitates up to $100,000 in financing as well as a credit card with a limit up to US $2,500. In this particular offer, the Bank has already financed TT$100 million to approximately 1300 MSMEs.

Republic Bank has also introduced its Agri-Business Loan for operators in all segments of the agriculture value chain, whether pre-production, primary production, agro-processing, marketing and distribution services etc. This product is available to practitioners with a minimum of 2 years’ experience and is structured under two (2) categories where customers can get up to TT$150,000 and can include a business credit card with a limit of up to US$2500 under Tier 1; or TT $400,000 and can include a business credit card with a limit of up to US$3,000 under Tier 2.

The continuing enhancements to the Bank’s suite of solutions for its business segment is in keeping with the Bank’s commitment to the Sustainable Development Goals (SDG’s) particularly Zero Hunger (SDG 2), Industry Innovation and Infrastructure (SDG 9), and Partnership for the common good (SDG 17). Through the Principles for Responsible Banking, Republic Bank affirms its responsibility in ensuring that the bank’s strategy, decision making, lending and investment options are aligned.

P. Vic Salickram, Vice President, Republic Bank remarked “At Republic Bank, we’re driven to keep innovating our products and services to better meet the needs of our customers. These critical enhancements to our commercial offers reflect our ongoing dedication to supporting the local business community from large corporations to agricultural ventures and small businesses by offering the flexibility and resources they require to expand and excel.” Noting that the Bank differentiates itself by not only giving financial support but also non-financial business development assistance, he continued “When you bank with us, you’re not just a client, you become a partner. We’re invested in you and are here to support you every step of the way in realising your business goals and your ultimate success.”

• July 2023 - Introduction of $20 million allocation for MSME Loan Product
• August 2023 - $30 million added to MSME Loan Product allocation raising it to $50 million to meet overwhelming demand
• March 2024 - An additional $50 million added to MSME Loan Product allocation to meet demand bringing the total to $100 million
  Update: $100 million fully drawn with approximately 1300 customers benefitting
• May 2024 – Introduction of $50 million allocation Agri-Business loan product
• August 2024 - MSME Empowerment Forums held in Port of Spain, Trinidad, and Scarborough, Tobago.
• November 2023 to September 2024 - Ten technical capacity-building outreach seminars for farmers in collaboration with the MarVista Institute for Agricultural Training and Development (MIATD) as follows:

  Programme	Schedule	Location
  Improved & Sustainable Practices for high productivity in Papaya	November 2023	Freeport
  Climate Change & Tobago’s Agriculture	January 2024	Scarborough, Tobago
  Climate Change & Paramin’s Agriculture	March 2024	Maraval
  Climate Change & Penal/Barrackpore’s Agriculture	April 2024	Barrackpore
  Climate Change & Rice Production	June 2024	Freeport
  Climate Change & Point Fortin/Cedros Agriculture	July 2024	Point Fortin
  Improved & Sustainable Practices for high productivity in Hot Pepper	August 2024	Sangre Grande
  Improved & Sustainable Practices for high productivity in Papaya	September 2024	Tobago
  Improved & Sustainable Practices for high productivity in Hot Pepper	September 2024	Mayaro
  Improved & Sustainable Practices for high productivity in Hot Pepper	September 2024	Tunapuna

• Financing and training for hydroponic farmers
• $50 million increase to the allocation for MSME Loan Product bringing the total to $150 million
• Special concessions for the Republic Bank commercial borrower including for:
• Mortgages for mixed-use properties
• Commercial Equity Loans
• Working capital etc.

To learn more about Republic Bank’s range of Commercial offers visit www.republictt.com/commercial