Marcus James, chief executive officer of Access Financial Services. - File

Access Financial Services Limited is to open three new branches by yearend, growing its network to 11 branches, in a follow-through on a promise to investors that the company would expand its national footprint in search of new business.

"We will be continuing the expansion of our branch network to ensure that we have a presence in all major towns throughout Jamaica," said chief executive officer, Marcus James.

"The provision of financing to the microfinance sector in Jamaica represents real growth potential. Given the success of our IPO we will be increasing our branch network to cater to the growing demand for our products and services."

Access, in October, raised $100.2 million from a 5.49 share offer, but James would not disclose his budget for the expansion, though the company had disclosed that $8 million of the IPO proceeds would pay for the offer, while the rest of the uptake, however, would be used to grow the operation's loan portfolio and branch network.

"Work is still being carried out on the locations, so it is difficult for us to give you a final figure on the total set-up cost at this point in time," he said.

The company's on-balance-sheet loans totaled $412 million at the end of September 2009, up 30.5 per cent when compared to the same period last year.

December 31 Start-up

Access Financial became the first company to be listed on the Stock Exchange Junior market, with the stock now trading at $25, a 36 per cent gain on the $18.34 list price.

By December 31, the three new branches are to be up and running in Santa Cruz, St Elizabeth; and at Linstead, and Portmore Pines Plaza, both in St Catherine.

The 900-square-foot Portmore Pines operation joins another branch already operating in the municipality at the Port Henderson commercial complex.

"This new location is in response to the demand for our products and services in the Portmore community," said James.

The branch will employ five people.

Linstead and Santa Cruz is slated to occupy spaces of about 500 sq ft and 950 sq ft respectively, employing seven persons between the two, and growing Access' workforce to 92.

"We will be leasing the space for the new locations, as our capital is better deployed in building our network and loan portfolio," said James.

Access Financial started operating nine years ago, with headquarters on Half-Way Tree Road in Kingston, and has grown to $502 million in size, measured by total assets, and has a market value of $686 million.

The company offers a range of small and micro business loans, personal loans, automobile loans, hire purchase and cambio services.

Its remittance, cambio and bill payment services are offered through agency contracts with Grace-Kennedy Limited.

James would not say which location is next on the horizon, but Access Financial already has offices in Morant Bay, Montego Bay, Spanish Town, Ocho Rios and Mandeville.

sabrina.gordon @gleanerjm.com