Customers doing business with the Rural Development Commission’s Loans Programme now have greater convenience in getting their loans paid.
Dubbed the Keep It Rolling campaign, the Commission is using its account with its banker Republic Bank Limited for the payment of loans.
Customers are to quote their loan account numbers found on the upper right of their monthly account statements at any branch of Republic Bank and should also say if they are paying toward the Rural Enterprise, Livestock Development or Fruit Orchard Development Funds.
“Doing business today is not as it was 20 years back when the fund started. We are evolving and want to keep the funds revolving. With over 1,500 clients across rural Barbados, door-to-door collections is a near to impossible position if all clients are to be in the black. Everyone needs to do their banking, whether online or over the counter, so we are making the process convenient to the customer who can walk in any Republic [Bank] and keep their account up to date,” Director of Rural Affairs (ag.), Gregory Hinds, explained.
He added that with the current economic climate, the RDC was ‘open for business’ and disbursing more small business loans but this process would only remain balanced if those owing, especially those in arrears, made their payments.
The Acting Director also reminded clients that the Commission’s offices at Bridge Street were also open from 8:30 a.m. to 3:30 p.m. to facilitate loans payments.
“We really want to see the entrepreneurial spirit and sector growing in rural Barbados and with facilities such as ours, which offer as low as a four per cent interest rate on the reducing balance with ceilings up to $20,000, it is critical that persons repay to offer others the opportunity to own and operate a business as well. The formula is simple, Keep It Rolling,” Mr. Hinds emphasized.