Dolla Financial Services, the microfinancing firm which was recently acquired by private equity and real estate company, First Rock Capital Holdings Limited, is in growth mode.
The lending agency recently opened its doors in Mandeville, Manchester, bringing to eight the number of branches now operated by Dolla Financial.
Dolla Financial’s offices are now spread across Westmoreland, Hanover, St Ann, Kingston, St Elizabeth, Manchester and its head office in Montego Bay, St James.
Specialising in micro, personal and business loans for small and medium enterprises Dolla’s expansion is in keeping with its plans to gain greater market share across the Caribbean led by its subsidiary Dolla Guyana Limited.
“We expect that Dolla Financial Services will continue to experience exponential growth in the coming months and years. The company is coming off a profitable year and this trend is poised to continue,” shared Ryan Reid, First Rock President and Co-Founder.
“As a micro financier, the brand serves a population that has long been underserved in traditional banking spheres and with improved business processes and more locations across the length and breadth of the Island we anticipate that Dolla’s loan portfolio and profits will steadily increase” Reid said.
The central Manchester location will continue to serve the company’s key market of business operators, farmers, taxi operators and skilled and professional workers.
Much of Dolla’s business has been serving and providing financial opportunities for a widely marginalised group of unbanked and underbanked. Rural Jamaica, unlike the corporate area is propelled by micro and small businesses, it was noted in a press release.
As part of our commitment to continue to invest in and advance these industries, we have strategically placed some of our locations throughout active rural areas and along Jamaica’s farming belt” explained Kadeen Mairs, CEO Dolla Financial.
“Our Mandeville location gives us the advantage of being in the centre of the Island, providing a wider reach and opening the business to even more customers” continued Mairs.
Dolla Financial Services’ new location officially opened on July 6, 2020 and is located at MidWay Mall, Mandeville.
The sale of Dolla Financial was completed in March from investment brokerage firm Stocks and Securities Limited (SSL). Up to the time of the sale, Dolla Financial held over 1,500 clients.