ISP Finance Services plans to add four more offices to its one-store micro-credit operations next year.
It also wants to seek financing, whether through selling shares or taking on debt, to expand its offering from personal loans -secured by payroll deduction - to include facilities for micro-entrepreneurs and small business enterprises.
The company, which started with $2.5 million over six years ago, managed to loan portfolio to $355 million up to the end of July, with an active client base that stands at over 8,000.
And despite operating from one location in Kingston, the company's credit operation covers the corporate area, several major towns and rural areas across the island.
"It is our intention to set up at least four satellite stations by 2014," said ISP CEO Dennis Smith. "The company's thrust for 2014 and beyond is to strengthen its foundation, that is, to further build its micro-lending capability, transform the company to become more customer-brand centric, intensify staff development and increase its visibility in the marketplace."
ISP has hired Stocks and Securities Limited (SSL) as its financial advisor, and joins a number of companies in recent weeks to signal its intention to raise funds by issuing shares or bonds to fuel expansion.
Since last week, DLM - the operator of Ranger Protection and Security and Hawkeye Electronic Security - and distribution company and wholesaler, Derrimon Trading, also announced expansion plans and taking on Mayberry Investments as a financial advisor.