Business
Shweta Sharma
4 Hrs Ago
Republic bank vice-president P Vic Salickram.
– Photo courtesy Republic Bank.
Republic Bank has scaled up its commercial loan offerings, aimed at providing greater financial support to businesses of all sizes.
In a media release, Republic Bank said the move comes in response to the growing demand for commercial loans and follows the successful launch of the Bank’s micro-loans and agri-business loan products over the past year.
The enhancements include financing and training specifically for hydroponic farmers, which Republic Bank said aligns with its support for sustainable agricultural practices.
Among the key enhancements are special concessions for commercial borrowers, including a commercial mortgage package for mixed-use properties (both residential and commercial), offering a repayment term of up to 25 years, with access to special interest rates and fee financing; extended terms for commercial equity loans, also up to 25 years, for properties that combine residential and commercial use; and a tailored package for businesses needing working capital to fund stock purchases, business activities or seasonal demand.
These new enhancements, the bank said, are designed to address the challenges faced by micro, small and medium enterprises (MSMEs) in acquiring commercial properties, securing equipment financing, and expanding their operations.
The bank noted that it had increased its allocation for the MSME loan product by $50 million, bringing the total to $150 million to meet growing demand from the business community.
Republic Bank has already disbursed $100 million to about 1,300 MSMEs.
Its new agri-business loan, targeting businesses in various stages of agricultural production and distribution, offers up to $400,000 in financing, with the option of a business credit card.
Republic Bank said its commitment to these initiatives aligns with its focus on the sustainable development goals (SDGs), particularly SDG Two (zero hunger), SDG Nine (Industry Innovation and Infrastructure), and SDG 17 (Partnership for the Common Good).
The bank said its strategy is guided by the principles of responsible banking, ensuring that its lending and investment decisions support sustainable growth.
Vice-president P Vic Salickram stressed the bank’s dedication to innovation, saying, “These critical enhancements to our commercial offers reflect our ongoing commitment to supporting the local business community, from large corporations to agricultural ventures and small businesses.”
He further highlighted the non-financial support the bank provides, including business development assistance, adding, “We’re invested in you and are here to support you every step of the way.”
Republic Bank has also sponsored MSME empowerment forums and capacity-building seminars for farmers across TT, organised by the MarVista Institute for Agricultural Training and Development.