Republic Bank Expands Support for Agriculture with Financing for Hydroponic and Poultry Farmers

Port of Spain, Trinidad, October 30, 2024 – Republic Bank has announced that from December 2, 2024, there will be an enhancement to its Agri-Business Loan offerings with the Bank increasing its allocation from $50M to $70M to specifically focus on hydroponic and poultry farmers. Hydroponic farmers will be able to qualify for up to TT$300,000 while poultry farmers will be able to access up to TT$400,000 in financing. In both segments, farmers must have at least 2 years of experience.  Republic Bank made the announcement today at Republic House, Park Street, Port of Spain, as part of its ongoing commitment to promoting agricultural growth and sustainability. This new initiative further cements the Bank’s dedication to fostering sustainable practices and addressing the critical challenge of food security. 

Hydroponics, an innovative farming method which uses nutrient-rich water as an alternative to soil, has proven to be a highly efficient and sustainable approach to reducing water consumption by up to 90% compared to traditional farming methods. Recognising the pivotal role that hydroponics plays in increasing food production while conserving land and water resources, Republic Bank’s tailored financing solutions for hydroponics farmers as part of its Agri-business loan is intended to help them scale their operations and invest in critical equipment. These solutions include:

• Equipment Financing to purchase hydroponic essentials including:
  • Irrigation equipment such as water pumps, installation of misting systems and reservoirs.
  • Structural equipment such as Nutrient Film Technique (NFT) channels, drip-to-waste racks and construction of greenhouses.
  • Electrical equipment such as lighting fixtures and digital timers.
  • Mechanical equipment such as mist blowers and testers.

• Working Capital Loans to cover ongoing operational expenses, including seedlings, greenhouse grade fertilizers, and general system maintenance.
• Expansion Financing for farmers looking to grow their businesses, reach broader markets, diversify their crop offerings or simply increase capacity.

These financing packages will be available in two tiers:

• Tier 1: Provides up to TT$150,000 in financing, with the option of a business credit card offering a limit of up to US$2,500.
• Tier 2: Offers up to TT$300,000, which can include a business credit card with a limit of up to US$3,000.

While hydroponics is growing in popularity, poultry production is a well-established agricultural sub-sector nationally. In Trinidad and Tobago, poultry (mainly chicken) accounts for 70% of the population's annual protein intake.  In 2023 alone, the poultry sub-sector produced 38 million broilers, resulting in 64.2 million kg of live meat and 7.7 million dozen eggs. 

Through the expansion of its Agri-business loans to support independent poultry producers, Republic Bank is aiming to empower farmers with the resources needed to optimise their operations, improve production capabilities, and contribute to the nation’s protein supply chain. The loan will be available to all operators in the poultry value chain including pre-production suppliers, producers, processors, storage and logistics companies and distributors. The loan will cover all business-related expenses relative to poultry farming, namely:

• Infrastructure development to purchase poultry houses, coops along with feeding and watering systems.
• Renovation and upgrades to improve their existing facilities such as upgrading poultry houses, improving ventilation and cooling systems and modernization of equipment.
• Equipment purchases including:
  • feeders and drinkers.
  • lighting and ventilations systems and egg collection systems.
  • retrofitting heat proofing, including installation of insulation, improved ventilation and cooling systems and reflective roofing materials.

• Working Capital to cover ongoing operational expenses, including feed, veterinary bills and utilities.
• Maintenance-related expenses relating to ongoing maintenance costs for equipment and infrastructure.
• Expansion financing for farmers looking to grow their businesses, reach broader markets, diversify their offerings or simply increase capacity by:
  • Building additional poultry houses.
  • Expanding into new markets.
  • Increasing flock size.

On the announcement of the expansion of its Agri-business loan, Republic Bank’s Vice President, P. Vic Salickram, remarked “Our support for food security extends to all facets of farming whether it be traditional or progressive. We understand the significance of innovative techniques like hydroponics and the importance of poultry farming in meeting the rising demand for food, especially as climate change and resource limitations challenge global food systems. By providing tailored financing solutions, we aim to empower more farmers to adopt these sustainable methods and contribute to a greener, more resilient future.”

For more information on Republic Bank’s financing options for poultry and hydroponic farmers, visit www.republictt.com/commercial  or contact your nearest branch.