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Mayberry Investments Limited: Launch of Small Business Financing Initiative

Mayberry Investment Limited has announced that the company has acquired, at a cost of $38 million, 49% interest in Access Financial Services Limited.  Access is a six-year old financing company, specializing in loans to small and micro businesses as well as to individuals.

Access provides loans ranging from $5,000 to $350,000 to small businesses and from $5,000 to $200,000 to individuals.  The company currently has a loan portfolio in excess of $108 million.  Loans to businesses are secured by physical assets and those to individuals are guaranteed through payroll deductions.  With a total staff complement of 40, the company currently operates from its head office at 41B Half Way Tree Road in Kingston and from six branch offices in Montego Bay, Ocho Rios, Mandeville, Spanish Town, Portmore and Morant Bay.

There are about 105,000 small and micro enterprises in Jamaica, employing an estimated 357,000 persons or about three persons per entity.  Most of these businesses or individuals are unable to access the more established credit sources either because they cannot meet the criteria of the traditional lenders, most often than not, falling short of the required collateral.

Christopher Berry and Gary Peart have been appointed to the board of Access Financial Services Limited to sit along with the two existing directors.  The parties intend to appoint an independent Chairman in the near future.