In its continued efforts to fuel small business growth and support national economic development, Republic Bank (Grenada), is constantly seeking opportunities to expand its portfolio of products and services to meet the needs of the communities it serves.
The most recent product is guaranteed loans of up to EC$300,000 for existing small businesses and up to EC$100,000 for start-ups, the bank said in a statement.
These loans are made possible through a partnership with the Eastern Caribbean Central Bank (ECCB) and the World Bank, under the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC).
The ECPCGC provides guarantees to qualifying Micro, Small and Medium Enterprise customers to access loan financing.
With the signing of this partnership agreement, small businesses which are viable yet unable to provide adequate collateral for the loan, can now benefit from this credit guarantee programme via three specific products: start up loans, working capital loans and loans to fund business expansion and general operations.
Managing director, Naomi De Allie, who welcomed the partnership, said, “Partnering on this valuable initiative gives us tremendous opportunities for wider reach and impact which would stimulate economic growth and development. It also allows us to empower through financing, a key sector of our economy—our Micro, Small and Medium Enterprises (MSMEs), 80 per cent of which generate 50 per cent of the nation’s jobs and contribute approximately 50 per cent per cent of GDP.”