Republic Bank is getting into the business of financing fete-going and festive enterprises at Crop Over. The bank today launched its Crop Over Loans promotion
General Manager of Retail Banking Sharon Zephirin announced the initiative at a media launch of the festival’s climax, Grand Kadooment, of which Republic Bank is marquee sponsor.
The bank is lending both individuals and businesses a minimum of $5,000 with a repayment period of one to two years and interest rates that were not disclosed.
Zehphirin said the bank was responding to increasing demand by both business owners and individuals for credit to help them enjoy the festival.
She said: “Crop Over is the kind of festival which provides excellent opportunities for small and medium-sized enterprises to engage in the areas of food and beverage, arts and craft, makeup artistry, songwriting and arranging, music production, costume design and making, photography, brand management and sales.
“To further demonstrate our support to this initiative, this year Republic Bank launched our Crop Over loans so that individuals and business owners are positioned and empowered to also support the festival.”
Republic’s marketing and communications specialist, Sophia Allsopp-Cambridge, said that the loan product also answered a call from the National Cultural Foundation (NCF) for greater participation and economic stimulation in the three-month festival.
Allsopp-Cambridge said: “We were asked to look at loan products or facilities that promote general participation over an easy repayment period.”
She suggested the credit could be used not only for all-inclusive parties and costumes but by young entrepreneurs who sought to utilise the festival to generate revenue.
“We have our makeup artists, food vendors, a number of people who are utilizing this period as the major revenue generation opportunity so when our customers came through and asked for a loan product specifically to Crop Over we said, ‘Alright, fine’.”
The Crop Over Loans programme is also to feature in the bank’s Summer Loans promotion which offers credit for holiday trips and back-to-school expenses.