Jamaican microfinance outlet Dolla Financial Services has expanded to Guyana, establishing a local subsidiary there, which is poised for rapid expansion.
Dolla Financial, which is a part of the FirstRock Capital Holdings group, has set up Dolla Financial Services (Guyana), which has just commenced operations. Dolla Financial Services Guyana is the first private microfinance outlet to have operations in the country.
Dolla Financial Services’ move to Guyana is in alignment with the company’s plan to bring financial inclusion to the people of Guyana. The company is investing one million US dollars into the operations to include capital expenditure and loanable funds.
Dolla Financial Group CEO Kadeen Mairs is excited about the company’s Caribbean expansion saying, “the reception received from Guyana’s private and public sectors is truly motivating and we are now ready to play our part in the economic growth of Guyana by providing access to credit.”
Speaking in an exclusive interview with Jamaica Observer, Mairs explained that the target market is the micro, small and medium-sized enterprises (MSMEs), where the loan ceiling is from a low of US$100 or the Guyanese equivalent to a high of US$50,000 or the Guyanese equivalent for medium enterprises.
Pushing receivables financing
The loan ceiling for micro and small loans is up to US$5,000 or the Guyanese equivalent. Mairs told Sunday Finance that his company is pushing its receivables financing product given the vast need for such financing given the fact that many MSME is providing goods and services to Guyana’s booming oil and gas industry and are in desperate need of receivables financing.