Republic Bank Introduces New Agribusiness Loan For SMEs

Port of Spain, Trinidad, May 1, 2024: In a move to bolster financial support for Small and Medium Enterprises (SMEs) in the agricultural sector, Republic Bank today announced the launch of a new agribusiness loan product with a total commitment of TT$50 million.

The introduction of this product aims to address the underserved nature of the agribusiness ecosystem, whilst acknowledging the pivotal role of the agricultural sector in ensuring food sustainability in the region. This further underscores Republic Bank’s commitment to supporting CARICOM in achieving food security and squarely aligns with the bank's earlier pledge in March 2022 to dedicate US$100 million towards this crucial effort.

Open to new and existing customers of the Bank with a minimum of 2 years’ experience in the agribusiness sector, the loan is accessible to SMEs involved in various segments of the agriculture sector, including pre-production inputs, primary production, agri-processing, and marketing and distribution services.

Before the launch of this loan product, the Bank has been sponsoring through its Power to Make a Difference corporate social responsibility Programme, technical and advisory training , which offers expert advice to businesses on reducing production costs, increasing yields, improving cash flow reliability, and facilitating the progressive scaling up of their operations.

According to P. Vic Salickram, Vice President at Republic Bank "We are truly pleased to introduce this specialized agribusiness loan product to support SMEs in the agricultural sector. We believe that by providing financial assistance and expert guidance, we can empower businesses to thrive, contribute to food sustainability, and foster economic growth in the region. The development of this loan product stems from ongoing engagement with our customers involved in the agribusiness sector, whether through our Centre for Business Innovation or our partnerships with the Inter-American Institute for Cooperation on Agriculture and the MARVISTA Institute for Agricultural Training and Development where we have been providing farmers throughout Trinidad & Tobago with the tools and techniques to become more resilient in the face of climate change."

Interested applicants may visit any of Republic Bank’s 38 branches nationwide.

• New and existing customers of Republic Bank.
• Small and Medium Enterprises (SMEs) run by nationals of CARICOM involved in the agribusiness sector with a minimum of 2 years’ experience.
• SMEs involved in pre-production inputs (eg: agro-chemicals, seeds, feeds, machinery and equipment), primary production in agriculture, fisheries and husbandry, storing and processing of products into finished goods (eg: beverages, food and non-food by-products, non-basic packaging), marketing and distribution services.