Axcel fires-up the microfinance sector in Barbados
There is a new and innovative player in the microfinance sector in Barbados.
Axcel Finance, the fastest growing microfinance company in the English-speaking Caribbean recently opened its Barbados branch on the 1st Floor, Horizon House on McGregor Street in Bridgetown.
The grand opening was well attended by business leaders, government officials, executives, staff and prospective clients of Axcel Finance. In his remarks, CEO Sam Rosenberg, said Axcel Finance is ready to inject capital into companies that can help spur job growth and increased business opportunities in Barbados. Rosenberg notes that microfinance is still relatively undeveloped in the Caribbean, and Axcel Finance intends to use innovative techniques to fill this void to create viable small businesses in the region.
He told the gathering: “We are pioneering a lending model in Barbados and hope that other institutions will follow our lead and also serve this growing market segment. We feel confident in the Barbados market where human trust comes before financial collateral; where human relationships supersede business plans and financial statements. We create partners, not just clients.”
Rosenberg says Axcel Finance will be launching a financial literacy program in Barbados to help educate the community on critical financial matters. He assured the gathering that Axcel Finance is not just lender but also a highly responsible financier.
He said: “Our Xpress Loans program, small short term consumer loans for gainfully employed persons, requires our clients to properly assess their financial position individually and as a household. We do not simply lend. Our MicroBiz program is designed to mentor and monitor the entrepreneur and hold their hands throughout the life cycle of the loan.”
Axcel Finance consumer loans applications are disbursed within 24 hours and small business loans within 7 days.
Speaking on behalf of the Minister of Finance and Economic Affairs, Parliamentary Secretary in the Ministry of Finance and Economic Affairs, Senator Jepter Ince, applauded Axcel Finance as it “has demonstrated a level of proactive thinking which should be emulated by other players in the market by focusing on the small market segment as well as the low and middle income earners.” Discussing the economic times and challenges businesses face, he concluded that “it can clearly be seen there is a need for financial organizations such as Axcel Finance to provide this kind of funding to our thriving micro and small business sector.”
He applauded the management and leadership of Axcel for their vision and confidence in the Barbados economy.
President of the Barbados Chamber of Commerce and Industry, Mr. Lalu Vaswani, highlighted the innovative approach that Axcel Finance is taking to microfinance. He opined: “Small businesses just need a chance to prove they can do it and Axcel Finance is giving them exactly that.”
Axcel is the leading microfinance institution in the English-speaking Caribbean with a proven track record in short-term consumer and small business loans. The company has established a healthy client-base in Antigua, Barbuda, and St. Lucia. The opening of the Barbados branch came as Axcel Finance celebrates two years of microfinancing in the Eastern Caribbean with operations in Antigua, Barbuda, St. Lucia, Dominican Republic, and Grenada – which was also launched this week.
Axcel Finance is dedicated to the provision of high-quality, innovative financial solutions for markets segments which are under-served by mainstream banking. By deploying capital in a responsible and profitable manner, Axcel Finance enables investment, economic improvement and social mobility of its clients in the market segments it serves. Axcel utilizes the latest technology in delivering service to its clients and keeping all accounts updated. The company believes in building mutually beneficial relationships with its clients.
Axcel Finance’s Client Relationship Officer, Alicia Pearce, described the company as specializing in Xpress Loans which gives the borrower access to the quickest, safest and most reliable financing options for a range of one-time expenses, such as healthcare, school supplies and travel expenses. Axcel also offers financing to small businesses under its MicroBiz loan facility. These funds could be used to meet short-term expenses, purchase equipment or for business expansion. Axcel Finance also offers hire purchase and financing to persons who would normally have difficulty accessing finance from commercial banks.
Axcel Finance’s entry into Barbados signals the company’s confidence in the Barbados economy and its desire to extend its range of microfinancing options to the Barbadian community, Pearce said.
The Client Relationship Officer says It is also Axcel’s way of bringing direct foreign investment into Barbados and helping to grow the micro-enterprise sector, as well as helping ordinary Barbadians fulfil some of their dreams and aspirations.
Axcel Finance is expected to complement the range of microfinancing available to the people of Barbados.