Republic Bank (Grenada) Limited reaffirmed its commitment to the development of Micro, Small and Medium Enterprises (MSMEs) through the successful hosting of a comprehensive seminar on Thursday, April 24th, at the True Blue Bay Resort.
The presenters were a dynamic line-up of speakers who shared their expertise on a range of critical topics designed to empower business owners and foster sustainable growth within the private sector. Representatives from twenty-two MSMEs across the island received valuable insights into the benefits of basic record keeping, understanding taxation, the financial tools available on Republic Bank’s Corporate Internet Banking platform and the services available through the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) programme.
Mrs. Hilary Lawrence, Managing Director at The Business Support Centre which specializes in accounting, training, and business systemization, opened the session with an engaging presentation on “The Benefits of Bookkeeping.” She highlighted how accurate financial records can improve decision-making, support loan applications, and ensure business longevity. In her delivery, Mrs. Lawrence encouraged the small business owners to be ‘consistent’ in their practices: “Set aside money every month so that the emergency fund gradually grows. The goal is to eventually have enough to cover at least 3-6 months of operating expenses, which will give you peace of mind and stability in case of emergencies.”
Ms. Nsona Drakes, Customer Service Officer at Republic Bank’s Business Centre, guided participants through the features of the Bank’s Corporate Internet Banking Platform, demonstrating how its tools and solutions can streamline business operations, increase efficiency, and enhance financial oversight.
The importance of understanding and adhering to tax obligations was the focus of a presentation by Mr. Randy Cadet, Deputy Comptroller of the Inland Revenue Department, Ministry of Finance. His session, which touched on “The Nuts and Bolts of Grenada’s Tax System” shed light on current tax regulations, the implications of non-compliance, and best practices for staying on the right side of the law. In his analysis, he reminded participants: “Taxation is a topic that should not be avoided. It is important for many different reasons, as it touches the lives of each one of us. In fact, how we tax, who we tax, and why we tax determines the kind of society we become.”
Rounding off the seminar, Mrs. Carmen Gomez-Trigg, CEO of the Eastern Caribbean Partial Credit Guarantee Corporation, presented on the Eastern Caribbean Partial Credit Guarantee Programme, a regional initiative of the Eastern Caribbean Central Bank and the World Bank aimed at improving MSMEs’ access to financing through partial guarantees to participating financial institutions. She outlined four categories of Guarantees available to MSME’s for loans ranging from startup to growth. Funding is available through Republic Bank for working capital, inventory purchases, investment, expansion, overdraft or revolving credit.
Addressing the participants, Mrs. Naomi De Allie, Managing Director at Republic Bank emphasized the importance of empowering entrepreneurs, through knowledge. She reaffirmed the Bank’s dedication to continued engagement and support for small businesses. “We are serious about growing small businesses,” she stated. “Seminars like this one reflect our ongoing commitment to educating our customers and helping MSMEs take their business to the next level.”
In his closing remarks, Mr. Kurt Mc Farlane, Manager – Commercial Banking, told participants: “I trust that the topics presented today and the discussions were meaningful and insightful; that they have awakened new ideas, provided clarity, and opened up new opportunities for all of us in the world of Micro, Small, and Medium Enterprises.”
Ms. Hillary Gabriel, owner of Earthly Creations, expressed her gratitude to the Bank for the opportunity. “I must say that this activity met my expectations. I had loads of take away, and will definitely implement them within my business” she said.
The seminar for MSMEs is part of Republic Bank’s broader strategy to support economic development in Grenada, by equipping entrepreneurs with the knowledge and tools they need to succeed.
