REPUBLIC Bank (Guyana) Limited in collaboration with the Arthur Lok Jack Graduate School of Business, University of the West Indies, on Wednesday closed its sixth annual Commercial Customer Business Programme from which 14 entrepreneurs from the Small and Medium Enterprise (SME) sector graduated.The programme which began with a vision for the Republic Bank Group to provide the necessary guidance and support to entrepreneurs with untapped growth potential, was birthed at Republic Bank’s Parent Bank, Trinidad and Tobago in 2007, and having been a huge success, was introduced to Guyana in September 2010. This most recent graduating batch has brought the number of entrepreneurs trained here to 95.
Ms Rosita Persaud, SME Officer, Corporate and Commercial Credit, Republic Bank (Guyana), gave a background to the programme. She said that this initiative was born out of the recognition of the SME sector to the Caribbean economies, and in acknowledgement and support of the critical role they play in developing and growing these economies. To this end, she said, an “exclusive partnership” was created between the Republic Bank Group (Trinidad) and the Arthur Lok Jack Graduate School of Business and the University of the West Indies to bring about the desired change.
On the programme, Ms Persaud said, each of the participating entrepreneurs is given the opportunity to expand their knowledge and skills-base, noting that over the years, Republic Bank has observed the added benefits of the creation of lasting and productive business networks among each cohort.
Ms Persaud took pride in announcing that as the programme unfolded and trained entrepreneurs internalised and put to work their wealth of knowledge and experience garnered, the bank has seen favourable, increased borrowing by those participants, as well as the improvement of the operations of many of their businesses.
“And so, today, we feel confident that this group would have benefited, likewise, both in personal growth and skills development and a lasting supportive network of peers,” she said.
On behalf of the SME and Commercial Lending Team, she extended best wishes to the participants for future success, reassuring them that: “Our vision for you is that you will now be motivated to effect positive transformation of your respective business pursuits.”
Meanwhile, General Manager, Credit, Republic Bank (Guyana) Limited Ms Parbatie Khan, who delivered the feature address, said that Republic Bank’s focus remains that of developing its business customers, and enabling a network of professionals geared to meet global and evolving business trends.
Ms Khan said that in addition to the Commercial Customer Business Programme, Republic Bank continues its Small and Medium Enterprise empowerment initiatives with a series of community engagements, aimed at educating and motivating existing and potential SMEs.
Women entrepreneurs
She noted that one of their key areas of focus is on women entrepreneurs through the bank’s ‘Venture Out for Women Programme’ in collaboration with EMPRETEC. This programme, which has realised much success, and from which more than 600 women have already benefited, focuses on providing entrepreneurial training to women within the various regions across Guyana, Khan said.
Republic Bank has also partnered with the Small Business Bureau in Guyana, to offer Loan Guarantee Facilities which will see qualifying small-business customers benefiting from six per cent interest rate loans with a 40 guarantee from the Small Business Bureau.
The Republic Bank Group has also collaborated with the International Finance Co-operation which saw the introduction of the SME Toolkit Caribbean to the Region. This free online toolkit, which can be accessed through Republic Bank’s website at www.republicguyana.com, features extensive information to aid entrepreneurs in the start-up and running of their businesses, the bank says.
Ms Khan affirmed that it remains Republic Bank’s firm belief that programmes such as these are necessary for educating, motivating and empowering small businesses and building stronger communities, thereby underscoring the bank’s social investment objective.
“The Republic Bank’s vision is one of increased potential for our local SMEs from which the corporate entities of the future will emerge, so we are confident about the lasting effects of this programme to Guyana’s economy,” Khan concluded. She commended each participant for the level of commitment shown throughout the programme.
Representing the Arthur Lok Jack Graduate School of Business were facilitator, Dr. Balraj Kistow and Business Development Officer, Executive Education, Ms Gayathri Selvam.