Durrant Pate/Contributor

Micro lender Dolla Financial Services Limited has been approved by the Development Bank of Jamaica (DBJ) as one of its accredited micro finance institutions (MFI).

Dolla joins 12 other micro lenders designated as accredited DBJ MFIs. They are :Access Financial Services, Bull Investments, C&WJ Co-operative Credit Union, COK Sodality Co-operative Credit Union, EduCom Co-operative Credit Union, First Heritage Co-operative Credit Union, First Union Financial Company, JN Small Business Loans, LASCO Microfinance, McKayla Financial Services, Monaire Financial Services and Wilco Finance.

DBJ provides wholesale funding to its MFIs for on-lending to micro, small and medium-sized enterprises (MSMEs), thereby contributing to the development and stimulation of the Jamaican economy. The DBJ has lent over J$11.9 billion to MFI’s since its Micro Finance Window was established in 2009.

New J$500 million facility

Given that Dolla has been given MFI status, the micro financer now qualifies for funding from the DBJ, which has been designated as the Government’s lead agency for co-ordination of all related MFI industry interventions.

In this regard, the DBJ is assisting micro-finance institutions to achieve maturity and maximum outreach by facilitating access to capital and the professionalisation of operations.

Dolla has been approved for a J$500 million facility under its MSME Line of Credit to be disbursed and managed by Mayberry Investments Limited, which is a major shareholder in the micro-credit company.