St. John’s Antigua- There’s a new financial business in town and its vision is to bring financial services within reach of every individual.
The company is Axcel Finance which officially launched its services Thursday at Sandals Grande Resort.
The microfinance institution provides shorter-term or Xpress Loans to small businesses and “gainfully employed” consumers and, as of Thursday, Microbiz Loans for small businesses and micro enterprises.
The business comes at a time when companies are finding operations increasingly difficult to sustain due to financial constraints brought on by the depressed climate.
However, as Axcel’s Chief Executive Officer Samuel Rosenberg put it, no single company can address the needs of an entire market but it can contribute to creating a framework for businesses, entrepreneurs, and micro-enterprises to access credit and participate in the formal economy.
“Most job growth comes from small- and medium-sized enterprises. This is the life-blood of every prosperous country. And every business needs capital in order to invest and grow,” Rosenberg told the Sandals gathering Thursday. “Axcel is here to say, ‘we can support you and we will support you by getting capital to the companies that can help provide Antigua & Barbuda with job growth and increased business opportunities’.”
Rosenberg said intentions are not only to conduct business but also to give back to the community. One ways is through the company’s youth employment programme. The CEO noted Axcel is in the process of hiring college interns to provide them with an opportunity to gain practical experience.
In addition, he said, the company has made a commitment to the Antigua Barbuda Investment Authority to fund a financial literacy programme in Antigua. And in an effort to deepen its relationship with the small business community, Axcel has established an advisory board comprising initially of president of the Antigua & Barbuda Business Alliance Patrick Ryan and financial consultant Kem Warner.
Management team of the company also includes Morlon Charles, branch manager, and Herbert Joseph, business development manager.
Axcel Finance, located on High Street, opened its doors on November 22, 2011.