DOLLA Guyana, which is relatively new to the lending market in the south Caribbean nation and which officially opened in 2021, is targeting public sector employees in its first year, with management reporting significant inroads among this group.
Dolla Guyana’s Country Manager Aldane Tomlinson says since opening, the branch has promptly given financing to a large number of public sector employees, including those employed by the Ministry of Education, Ministry of Health, Georgetown Public Hospital, the mayor and City Council, and the Guyana Police Force, through its public sector lending programme.
According to Tomlinson, the company has been able to develop new relationships and is aiming to further target mainstream Guyanese citizens with financing at low-interest rates.
“We are very excited about the opportunity for Dolla Guyana to partner with Guyana’s citizens and adequately address their credit needs through the introduction of Dolla’s loan products,” Tomlinson said in a company release issued in the first week of June 2022.
Dolla is also making rewarding connections among larger companies whose staff need credit. Since October 2021 the company head notes that the lender has become the chosen alternative for all Pegasus employees, providing financing at a low interest rate with a quick turnaround time.
Tomlinson said this new initiative will boost brand equity and the customer base. For the company’s first year, management is expecting to see the results from strategies applied in increased profitability from increased loan books and disbursements, as well as improved diversification.
Salary deduction loans
In other private company relationships, Dolla Guyana has partnered with entities such as Cevons Waste Management, Rid-O-Pes Inc, and The Corum Group to provide salary deduction loans to staff totalling 610 employees.
Dolla Guyana, whose portfolio grew to just over GYD 100 million, or US $510,000 as of March 31, 2022, is also reaching out to self-employed people who require working capital loans. The company’s clients include a wide range of microenterprises including contractors, vendors, store owners, and taxi and bus operators.
Dolla Financial Services CEO, Kadeen Mairs expressed optimism about the economic impact Dolla Guyana will have on Guyanese citizens.
“I support growth. Just as I want it for my company, so I desire it for other aspiring entrepreneurs. Whether an individual owns a small or medium-sized business, Dolla can provide the funding needed to get their venture off the ground or provide bridge financing to keep operations going,” Mairs stated.
Dolla Guyana aims at a fully diversified lending portfolio, also keeping in its cross-hairs industries including oil and gas, agriculture and agro-processing, manufacturing, retail and distribution, real estate, tourism, and hospitality.
Tomlinson noted, “Guyana’s burgeoning oil production has generated a tremendous opportunity for the country’s economic development, and Dolla will work assiduously with a variety of market players to provide financing for both employees and enterprises.”