MICROFINANCE entity Access Financial Services has announced a new agreement with lighting distributor FosRich Company Limited that will provide financing for solar and other alternative energy solutions for the Jamaican market.
Under the memorandum of understanding (MOU) signed between the two entities, qualified individuals will get tailored financing solutions to fund their alternative energy projects.
"We all know how important energy conservation is to our individual lives and businesses. There is no doubt that alternative solutions make sense, but for some persons the up-front cost has always been prohibitive. The beauty of this agreement is that, finally, the average Jamaican now has full access. With affordable financing from Access Financial, you can take full advantage of the energy options available at FosRich," said acting chief executive officer at Access Financial Hugh Campbell.
Financing is available for alternative energy solutions, mainly solar panels, solar water heaters, Lithium ion batteries, and hybrid inverters, with full supplier warranty on all products and service.
"At FosRich, we're always looking at innovative ways of bringing value to our customers. We are pleased to be partnering with Access to bring financing of our solar products to market. This partnership gives Jamaicans the opportunity to purchase their solar water heaters, solar panels, batteries or a complete solar system with us, up five-and-a-half years to repay," said FosRich Chief Executive Officer Cecil Foster.
"The sun gives the best and safest form of energy, so why not unlock that advantage?" added Foster.
The agreement is potentially good news for customers who want to acquire alternative energy solutions but cannot afford the up-front cost or who are unable to qualify for a bank loan because they do not meet the requirements to obtain a conventional loan.
"This is just another way in which we are supporting our people, especially our entrepreneurs in the MSME (micro, small and medium enterprise) sector who struggle to find suitable financing options. Small and medium enterprises are the backbone of this economy and so it's important for us to create opportunities for them to maximise every opportunity to save money in the short term, and grow their businesses for the long haul," said Campbell.
Beyond this MOU, Access Financial Services provides personal and business loans to MSMEs, serving customers through a network of 17 branches across Jamaica.