RBL invests $50m in MSMEs

Republic Bank Ltd (RBL) has announced an expansion of its support for micro, small and medium enterprises (MSMEs) with an investment of $50 million in its Micro Loan product.

The move, effective March 1, aims to empower small businesses across the country by providing them with increased access to financial resources.

The Micro Loan, tailored specifically for MSMEs, offers a range of incentives, such as relaxed qualifying criteria that enable small businesses to access loans of up to $100,000.

In a release on Monday, RBL said since the loan introduction in July 2023, it has seen a lot of interest among MSMEs, saying the initial allocation of $20 million was quickly depleted within three weeks of its launch, prompting the bank to allocate an additional $30 million in July.

Aldrin Ramgoolam, general manager of commercial and retail banking at RBL, said the bank was enthusiastic about assisting over 600 MSMEs by disbursing $43 million over the past eight months.

Ramgoolam said the significant impact of these small businesses on the economy and society, their contributions to employment and the provision of essential goods and services, particularly in remote or underserved areas.

He said RBL is committed to serving as not only a financing partner but also a business development partner for MSMEs, offering support in various aspects of business growth and expansion.

The release said in celebration of International Women's Day, on March 8, RBL will host its first women-owned business pop-up market at Fiesta Plaza, Movietowne, Port of Spain.

Additionally, the bank will launch its call for registration for the third cohort of its Entrepreneurs Business Builder programme and its holistic approach to empowering MSME customers through training, development, and marketing opportunities.

The Micro Loan is available across all sectors, including personal services, business services and transportation.

The bank says this reflects its commitment to responsible banking principles and the achievement of the United Nations Sustainable Development Goals.