New micro-credit subsidiary activated

Durrant Pate/ Contributor

Regional investment company, Eppley Limited is broadening its range of financial services and is now entering the micro credit market in Jamaica, where it is domiciled.

Eppley, which is focused on credit, mezzanine and real estate investments throughout the Caribbean and Central America has been approved a micro credit licence by the Bank of Jamaica, pursuant to the Microcredit (License, Form of Application) Rules, 2021.

The licence has been approved to Eppley’s wholly owned subsidiary, Eppley Consumer Finance (ECF) Limited, which has been activated for the micro credit market having been incorporated on December 24, 2021.

As such, ECF is approved to provide microcredit services such as the granting of loans and insurance premium financing to individuals and Micro, Small and Medium Sized Enterprises (MSMEs).

ECF’s shareholder details list Eppley as the sole shareholder with 1,000,000 ordinary shares. Eppley Vice-Chairman, Nicholas Scott; General Manager, Justin Nam and Group Chief Financial Officer, Jacquelin Watson are listed as initial directors of the company on its incorporation date. 

Perry Wright was registered as a director on July 5, 2022, while Eppley directors, Melanie Subratie, Sharon Donaldson, Alexander Melville and Paul Barnaby (PB) Scott ceased to be directors on May 27.

2022 financial performance

For its 2022 financial year, Eppley’s asset base marginally improved from $5.52 billion to $5.61 billion, while its lease receivable portfolio marginally declined to $1.70 billion. 

The insurance premium financing portfolio dropped from $105.22 million to $16.39 million as the company’s consolidated private credit loan portfolio dropped by 15% from $1.12 billion to $1.21 billion, as it bolstered its cash position by 56 per cent to $1.03 billion.