1,300 entrepreneurs use Republic Bank micro-loan facility in a year

REPUBLIC Bank Centre for Business Innovation manager Tricia Bissoon-Pollard said over 1,300 entrepreneurs have used Republic Bank’s micro, small and medium enterprises (MSMEs) micro-loan facility since its launch in July 2023.

She made the statement at the organisation’s first MSME Empowerment Forum, with the theme Empower, Engage, and Sustain: Navigating Success in MSMEs. The event was attended by over 60 MSMEs on August 24.

In a release from Republic Bank said the event aimed to build capacity in key areas of business development, raise awareness about the bank’s products and services tailored for MSMEs and to encourage collaboration among participating entrepreneurs.

During the event, Bissoon-Pollard told those present about financing options available to MSMEs for startup and expansion. She said the micro-loan provided special concessions for small businesses to access up to $100,000 in unsecured financing as well as a credit card with a limit up to US$2,500.

“We’re so delighted that our Republic Bank Micro-loan seems to be a game-changer for small businesses. To date, approximately 1,300 MSMEs have benefited from this innovative lending product. These businesses are the heartbeat of our economy, creating jobs and delivering valuable products and services to our communities.”

The release said Republic Bank was socially invested in the development of the business community as it was a signatory to the UN Principles for Responsible Banking to support the achievement of the Sustainable Development Goals.

SME/Business Segments marketing manager Michelle Johnson said,

“Beyond access to financing, we’re also extremely passionate about supporting MSMEs in non-financial ways. We’re committed to ensuring that they are equipped to effectively own, leverage and grow their brand with sustainable strategies to thrive in the long term.”

The release said the forum opened with educational sessions on topics such as Mastering Your Finances for Growth; Boosting Your Brand Visibility; and Sustainability: Building a Future-Proof Business.

It said participants then took part in an interactive networking segment, allowing them to get to know more about each other’s businesses and to explore the possibility of developing new business partnerships for further growth, resilience and profitability.

Agri-entrepreneur Maltee Ali, Poddies Cakes and Delights founder Patricia John-Charles and Jones Cones owner Tamila Rogers said the financing made available by Republic Bank has had a positive impact on the operation, continuity and expansion of their businesses.

Republic Bank said it would continue to host initiatives like the MSME Empowerment Forum to provide financial guidance and non-financial support to MSME customers through business coaching and other ancillary services.

Bissoon-Pollard said, “Republic Bank is the bank for all MSMEs.”