As the prospects that oil and gas offer for the Guyanese economy become increasingly evident, potential investors, both inside and outside the region, are taking a time.
In June, Jamaican microfinance firm Dolla Financial Services expanded its operations into Guyana, establishing an outpost there that is clearly positioned for aggressive expansion. In the first case, the company would have invested US $ 1 million in its business, the amount of which will include capital expenditures and loanable funds.
In an effort to take advantage of what will be a gradual increase in demand for investment capital here over the coming period, Dolla, which is part of the Jamaican group FirstRock Capital Holdings and the first microfinance institution to open operations in Guyana, says his move here seeks to align with what the company says is its desire to bring financial inclusion to the Guyanese people.
Dolla Financial Group CEO Kadeen Mairs said he was excited about the company’s expansion in the Caribbean, saying that “the welcome received from Guyana’s private and public sectors is truly inspiring. We are now ready to play our role in Guyana’s economic growth by providing access to credit. Mairs told the Jamaica Observer that Dolla will seek to target micro, small and medium-sized enterprises (MSMEs), where the loan range goes from a low of US $ 100 to a high of US $ 50,000 or Guyanese equivalent, for medium-sized businesses. “The debt financing market in Guyana is under-penetrated and it is an important market for the company, which it is already entering,” added Mairs.