St. Andrew, Grenada – January 30th, 2017 – A celebratory feat of economic boost for the rural residents of Grenville as Axcel Finance opened its second branch in Grenada on Wednesday January 25, 2017. With hundreds of citizens in attendance, together with top Government officials including the Prime Minister and three Cabinet Ministers, many business owners and community leaders joined for the ribbon-cutting ceremony. The occasion marked Axcel’s unwavering commitment to providing financing for the residents of rural communities. The microfinance institution has developed a distinguishable position within the financial services arena as an innovative financing organization geared towards the growth of small business enterprises through ‘quick’ and ‘hassle-free’ loan services.
This move to double the number of branches declares the message behind the basis of Axcel Finance’s existence, which remains to launch its services as a tool for fostering sustainability in a developing economy to Small and Medium Sized Enterprise and individuals that will simultaneously spark entrepreneurship amongst the previously underserved rural regions of Grenada.
Axcel Finance’s founder and CEO, Sam Rosenberg while addressing the attendees of the launch, acknowledged the obvious economic constraints facing residents and reaffirmed the company’s partnership with the country. He stated “you have our commitment to empower small businesses throughout the country and this region. We want to see consumer and entrepreneurs grow and contribute to the economic development of the country.”
The basic objective being met by Axcel Finance is the provision of a convenient access to credit to the people of Grenada. This has taken place simultaneously when other financial institutions are downsizing or closing operations in rural communities.
As many small countries continue to struggle, a major challenge in Grenada is access to financing for entrepreneurs in some productive sectors particularly agriculture and fisheries. Recognizing the role Axcel Finance is poised to play in the communities, and consequential benefit to the country at large, the launch was well supported by Ministers of Government.
Minister for Agriculture, Lands Forestry and Fisheries Hon. Yolande Bain-Horsford stated “we have witnessed how vulnerable our landscape is to natural disasters. The fisherfolk and farmers who are seeking to better their practices are restricted in doing so due to an unavailability of credit.” She believes that “Axcel Finance’s emergence in the sector has triggered an increased access to financing that will encourage our youth to embrace new opportunities for learning, skill development and income generation.”
The limited access to finance in rural communities has been an obstacle in the economic climate compounded by the recent “withdrawal by the commercial banks from many rural towns and villages within Grenville,” a point noted by the launch event’s keynote speaker, Prime Minister, Dr. the Rt. Honourable Keith Mitchell.
Prime Minister Mitchell reiterated a fact known to and shouldered by Axcel Finance that is, “there is a need to create the necessary conditions for the development of private sector employment and economic activity with a key focus in the rural areas”. The mandate of the Grenada administration sees a commitment to stimulating the Micro, Small and Medium Seized enterprise sector.
In conjunction, Minister Oliver Joseph, Minister of Economic Development, Trade, Planning & Cooperatives, added that he and the administration see the benefits of growing the economy through the investment in rural St. Andrew and commends Axcel Finance for recognizing the hard-working residents that simply require financing to grow and develop their small businesses.
Axcel has cemented a position amongst small business owners by offering financial solutions through a deliberate and targeted investment in the country on a micro level. Its success rate has stimulated macro level impact stemming from the number of entrepreneurs, job creation, and economic development.
Following the keynote speech, the Prime Minister was joined by the cabinet Ministers and the management of Axcel Finance in the ribbon-cutting ceremony and officially declared the branch open. The company reported it welcomed hundreds of residents who visited the branch throughout the day.