First Union expands

Sabrina Gordon, Business Reporter

Micro lender First Union Financial Company Limited says it intends to add at least three more branches to its network, growing it to 14 by the end of 2012.

"Since inception we have seen continuous growth," said Lloyd Campbell, chief executive officer of First Union.

"We have grown annually by about 10 to 15 per cent," he said, but would not divulge the value of his loan portfolio.

Established in 1999, First Union provides small business loans and personal loans through its current network of nine branches.

The first of the three new branches will be opened next week on Burke Road in Spanish Town, St Catherine; the second will be set up in Savanna-la-Mar, Westmoreland by year end. The location for the third is undecided.

Campbell said the company has budgeted approximately J$35 million to J$40 million for the expansion.

The micro financier is also the owner of the manufacturing company Tyco Foods Limited, which was used to acquire the Mr Lee's brand in 2007.

Campbell said he has spent over J$115 million retooling and upgrading the manufacturing plant located at Westminster Road in Kingston, from where he produces browning and soya sauce, vinegar, ketchup, lime juice, and syrup.

Between Tyco and First Union, Campbell employs more than 100 persons.

sabrina.gordon@gleanerjm.com