Microfinance comes to Saint Lucia

CASTRIES, St Lucia, Thursday, May 24, 2012 – After taking off in the Indian sub-continent with much success, the microfinancing trend has now come to St Lucia.

Traditionally, microfinance provides access to loans and other financial services for small businesses and entrepreneurs who are unable to meet the requirements set by commercial banks and other lending institutions.

Axcel Finance, the microfinance institution that officially launched in St Lucia recently, is now offering to fulfill that role on the eastern Caribbean island through offering residents and small businesses access to immediate funds for daily needs or business working-capital.

Axcel Finance which specializes in loans, hire purchase and small business financing, described their presence in Saint Lucia and Antigua as an “answer to call” during very difficult financial times. 

“Our aim is to ease the burden of these hard economic times, so that each and every individual who benefits from one of our loans is able to improve their financial situation and pursue their ambitions with more confidence and pride,” Said Olaf Fontenelle, head of operations for Axcel Finance.

As Phillip Pierre, Deputy Prime Minister and Minister of Infrastructure, Port Services, and Transport, delivered brief remarks before the ribbon-cutting ceremony he suggested the presence of the company would help to ease the financial burden of regular Saint Lucians and thereby contributing to the overall national agenda of alleviating poverty.

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