With gross domestic product (GDP) growth of 6.7 per cent for the quarter ended December 2021 and expectations for continued economic recovery for 2022, Access Financial Services Limited (AFS) has taken another step to create more opportunities for the micro business sector.

The company officially opened the Access Business Loan Centre last week to increase focus and convenience for micro-entrepreneurs in Kingston & St Andrew, St Catherine and St Thomas.

“We are excited about playing our role in rebuilding the economy in the aftermath of COVID-19 as economic activity at the micro entrepreneur level is critical to Jamaica’s growth trajectory. The Access Business Loan Centre will serve micro-entrepreneurs, providing them with access to financing and training to grow and better manage their businesses. We’re looking out for all the shopkeepers, vendors, hairdressers, barbers and farmers who need support,” said Frederick Williams, Access’ CEO.

Located at the Sampars Plaza in the busy Cross Roads commercial district, the Access Business Loan Centre offers a wide range of loan products, each tailored to the needs of business operators at the different growth stages of their business. With loan amounts starting as low as $10,000, micro business owners have access to funding to purchase goods, replenish stock and to buy equipment.

“Access is the place for people like us who start small. When I went there it was easy. They told me what to bring in and in three days’ time, the loan was approved. That was from 2008, and since then I’ve come back to them more than 30 times and got money to expand my business. Today I have a grocery shop, and I’m also selling blocks. I’m really happy to see this new loan centre in Cross Roads because I know it will help even more people,” said Charmaine Fletcher-Grant, shop owner and long-time Access customer.

Fletcher-Grant is among the estimated 425,000 micro, small and medium-sized enterprises (MSMEs) operating businesses across the island who contributed about $70 billion in taxes at the end of 2020. Entities like AFS provide financial services to many of these microentrepreneurs and individuals who are largely underserved by traditional providers. With a growing number of players in the microfinance sector, impending regulations under the Microcredit Act, set to be promulgated this year, should provide greater protection for customers and more oversight for regulators.

“The Act will seek to regulate and licence microfinance entities and provide greater financial inclusion, improved customer service and greater disclosure to customers. We have been preparing for operating in a regulated environment for a number of years, and we welcome the improved accountability and transparency it will bring to the industry,” said Williams.

Managing assets of just under $5.5 billion, of which loans represent 75 per cent, Access Financial Services Limited is listed on the Jamaica Stock Exchange and is one of the leading players in the microfinance sector. Despite the impact of the novel coronavirus pandemic, the company generated revenues of $1.5 billion and consolidated net profit after tax of $264 million for the nine months ended December 31, 2021.