The T&T manufacturing sector can now benefit from Republic Bank’s Financial Support Programme, totalling $1 billion.
In a news release yesterday, the bank said that under this programme, loans of up to $35 million in funding per eligible borrower will be made available to the sector via facilities.
In this initiative, the Bank aims to further enhance competitiveness and increase export potential, while also providing a means for local manufacturers to earn much-needed foreign exchange.
Effective today, eligible clients will be able to take advantage of:
* Up to 100 per cent funding for capital expenditure and equipment acquisition;
* Competitive interest rates;
* US dollar loans;
* Specialised asset accepted as security;
* Moratoriums aligned to asset commissioning, plus up to an additional six months and flexible repayment terms.
Speaking about the initiative, Republic Bank’s vice president, Vic Salickram, reiterated a view earlier expressed at the Bank’s recent corporate workshops for enhanced intra-regional trade.
“We do not see ourselves as merely your bankers, but your partners in achieving your business goals.”
In this, Salickram highlighted the necessity of creating opportunities to drive business growth and economic development, noting that Trinidad & Tobago’s manufacturing sector holds the key to regional trade and improved local foreign exchange earnings.
He also added that the bank will partner with key associations and business chambers in the manufacturing sector to allow for a more holistic support for its customers.
In June 2024, Republic Bank disclosed that it issued a $1 billion note, which it said would strengthen its capital base and allow the bank to achieve its growth strategy.
The $1 billion note is due to mature in June 2034; it is an unsecured, subordinated, fixed-rate note and will pay investors 5.50 per cent, over its ten-year term, with $1 billion being returned to investors by way of a bullet payment at maturity.
For the six months ended March 31, 2025, Republic Bank reported after-tax profit of $1.15 billion, an improvement of 2.29 per cent compared to the same period in the previous year.
The financial group's assets grew by 7.8 per cent to $126.68 billion at the end of March 2025.
In comments accompanying the financials, RFHL's chairman, Vincent Pereira, said,
"In a period marked by global uncertainty and market volatility, we continue to prioritize financial stability and longterm value creation, while also reinforcing our role as a responsible financial institution.
"Our strategic transformation journey is progressing well, and we remain focused on enhancing our digital banking capabilities, deepening customer relationships, and innovating across all touchpoints."