Axcel Finance Grenada has expanded its services to the big parish of St. Andrew making micro-financing more accessible to persons residing in rural communities to the north and north eastern parts of the island.
During a ceremony to mark the occasion at Axcel Finance’s new Ben Jones Street office in Grenville, St. Andrew, Regional Manager, Credit and Collections, Patricia Bissessar, expounded on the institution’s dedication to providing quality and innovative micro-financing solutions to serve the needs of individuals, retailers and micro enterprisers.
“By declaring our capital in a prudent and responsible manner, we support investment, which will realise economic improvement and increase mobility for our clients,” she told the gathering.
Bissessar explained that the “consumer loan product ‘Express Loans,’ has a maximum of $10, 000 for duration of no more than 12 months” (and) helps facilitate short term credit for medical needs, travel, school tuition and supplies among others.
“We do not seek collateral other than a salary deduction letter, we conduct a thorough analysis of the client’s needs and counsel them on maintaining a household budget to emphasise the importance of running a balanced budget,” she said.
The “MicroBiz Loan,” which Bissessar indicated has already “enabled these dedicated entre to grow their businesses create new employment, expand production and contribute to the economy,” has a “maximum of $25, 000, for duration of no more than 18 months (and) provide credit to small micro and medium-sized enterprises, (and) assist entrepreneurs in accessing credit for working capital, fixed asset purchases and vehicle repairs.”
According to Chief Executive Officer, Axcel Finance, Samuel Rosenberg, the company has “served thousands of clients, and has disbursed over $8.3m in loans, which generated at least $1.15m in profits to small business owners.
He said, Axcel has “developed a detailed market survey and statistics, which we maintain on micro-enterprise activities with our clients.
“By financing micro and small businesses, we have enabled over 385 jobs. We have committed to injecting an additional $8.5m over the next 2 years which we project will create over 650 jobs. With every dollar invested, we generate over three (3) dollars in economic activity,” he added.
The micro financing institution entered the Organisation of Eastern Caribbean States (OECS) in 2011 as the first of its kind in the Caribbean Community (CARICOM).
Axcel Finance launched its first Grenada office in the Town of St. George in 2013 and also has branches in the Dominican Republic, Antigua and Barbuda, Barbados, St. Lucia and most recently in Jamaica.