MICROLENDER Dolla Financial Services Limited recently opened its newest location at Braeton Parkway in Portmore, St Catherine.

The location is situated in the popular Sunshine Outlet Mall which houses a number of other established entities.

According to Chief Executive Officer Kadeen Mairs the move forms part of the company’s aggressive growth strategy and is also in line with the slate of developments which continue to unfold in Portmore.

“As Portmore pushes for parish status and more and more businesses move into that space, Dolla Financial’s positioning is perfectly timed. As Portmore grows, so will the business — and we also expect the branch to be one of our strongest after the company’s bond raise,” Mairs opined.

“After the launch of our initial public offer [IPO] — which [raised] net proceeds of $250 million — we unlent all of that within one month. We are projecting that through the Portmore branch we will further unlend $100 million over the next six months, which will increase our bottom line and profits significantly for the year ending December 31, 2022,” he also said.

For the six-month period ended June the company profits rose above 473 per cent to total $119 million, when compared to the same period in 2021. Total revenues for the period also climbed to $298 million.

Already operating some eight branches across the island, the company has its eyes set on expanding to about 12 locations by the end of this year. Outside of Portmore, the other areas being targeted include Ocho Rios, St Ann; Port Antonio, Portland; and Morant Bay, St Thomas.

Founded in 2009, the microfinance firm which initially offered small loans to taxi drivers, shop operators and farming interests, has steadily increased its loan book and expanded its customer base over the years. Initially the company maintained a loan ceiling of $4 million per borrower, however that amount has increased in line with customer need over the years.

Competing in a market consisting of over 200 other similar-type companies, Dolla, through the products offered, is working to take a substantial portion of current market share. At present almost 50 per cent of its revenue comes from its Dolla Elite loan product, designed to target entrepreneurs and higher-value clients.

The company’s loan products, presented across three broad categories, include micro, personal and business loans, which are primarily offered to small and medium-sized enterprises (SMSEs).

” ‘We lend’ is part of Dolla’s ultimate goal in providing progressive financial opportunities to those with a vision to succeed,” the company further said, noting its commitment to becoming a market leader in business financing. This, as it revolutionalises the financing space and drives growth for micro industries.