Michael McLean, Gleaner Writer
CLARKE
ST. ELIZABETH:
THE MICRO Enterprise Financing Limited (MEFL) a non-profit corporation dedicated to assisting inner city and other urban communities in Jamaica has opened a new branch office in the rural town of Santa Cruz, St. Elizabeth.
Speaking earlier this month at the launch and office opening at the Legister and Son Plaza where the office is located, William Clarke, president and chief executive oficer of the Bank of Nova Scotia Jamaica Limited and chairman of the board of directors for MEFL said establishing a branch in Santa Cruz is a unique experience.
"The objective is to provide empowerment to persons who are in a low income group," Mr. Clarke said.
Incorporated in 2000, the MEFL aims to make micro-finance service available to low income entrepreneurs with little or no collateral.
'BRINGING HOPE'
Member of Parliament for North East St. Elizabeth and Minister of Agriculture, Honourable Roger Clarke, in welcoming the loan agency said, "What we are doing is bring hope to those who are in low income groups and helping people to get on their feet."
Under the loan programme, group-based lending is done initially. Clients graduate to individual loans after successfully completing previous group loans.
Ms. Williams said there has been a 98 per cent compliance rate by clients. Loans range from $6,000 to a maximum of $200,000 per client.
Interest rate is one per cent per week (four per cent monthly added on) and reduced to .75 per cent to .65 per cent weekly (3 to 2.6 per cent monthly) with a good repayment record.
NUMBER OF LOANS
The executive director said a total of 5,052 loans have been disbursedf1 since the start of the MEFL, amounting to $79.2 million. The total number of active clients presently stands at 1,129 with females representing 81 per cent of beneficiaries.
The breakdown of loans granted to the business sector are retail 77.59 per cent, manufacturing and production 11.25 per cent, services 10.45 per cent and agriculture 0.71 per cent.
The MEFL is jointly sponsored by the Canadian International Development Agency, the Bank of Nova Scotia Jamaica Limited and Kingston Restoration Company.
