Republic Bank gives more $$ support to hydroponic, poultry farmers

REPUBLIC Bank has announced that from December 2, it will increase its loan allocation to hydroponic and poultry farmers from $50 million to $70 million.

In a news release on October 30, the country's largest bank said hydroponic farmers will be able to qualify for up to $300,000 and poultry farmers will be able to access up to $400,000.

It said, "In both segments, farmers must have at least two years of experience."

The bank made the announcement on October 30 at Republic House, Park Street, Port of Spain, "as part of its ongoing commitment to promoting agricultural growth and sustainability."

The release said, "This new initiative further cements the bank’s dedication to fostering sustainable practices and addressing the critical challenge of food security."

Republic Bank’s vice president P Vic Salickram said, “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.”

Hydroponics, an innovative farming method which uses nutrient-rich water as an alternative to soil, has proven a highly efficient and sustainable approach to reducing water consumption by up to 90 per cent 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," the release said.

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

Through the expansion of its agri-business loans to support independent poultry producers, Republic Bank said it 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 and

It loan will cover all business-related expenses relative to poultry farming.