Business

FundAccess’ Performance Says It All

The performance of FundAccess speaks for itself!

This was the underlying message sent by Chairman of the Fund, David Simpson, as he addressed Fund Access’ Mix and Mingle, held at Sweetfield Manor last Saturday night.

Reminding those gathered that the Fund’s mandate was to grow entrepreneurship on the island, he praised staff and clients for their role in achieving this and noted that despite criticisms the facts told a clear story of their involvement and commitment to small business and start-ups.

Mr. Simpson said over the 21 years of its life, the Fund had approved loans totaling in excess of $64 million to over 1,500 clients. “We have also approved an additional 138, refinancing a further 266, all accounting for job creation of just below 2,400 jobs…,” the chairman stressed.

He also pointed out that they had surpassed $6 million in disbursements for the calendar year 2018, having approved and disbursed in excess of $5.9 million in loans and created 144 jobs.

It was also noted that for the current year, up to June 30, the Fund has disbursed $2.4 million to 51 clients and created 68 jobs, in the process.

Some of the Fund’s newest clients, he added, comprised a dairy farm, a digital advertising firm, an online education company, a veterinary medicine facility and a water treatment plant.

Acknowledging that all this was evidence of their commitment to the development and sustenance of entrepreneurial economic activity in the country, Mr. Simpson added that FundAccess had also committed itself to examining its operations in order to provide the highest service possible and faster loan approvals in the future. To this end, he revealed that soon there would be the potential for clients to pay via SurePay.

The evening also saw the launch of FundAccess’ relationship with mMoney and the chairman noted it was expected to facilitate easier transfer of funds on approval to clients, providing an additional payment mechanism.

Endorsing it, Mr. Simpson said: “mMoney is not just a payment platform… but you can also be a merchant allowing it to receive files into your business easily and it can all be done, of course from your smart device.”

FundAccess’ Mix and Mingle event aimed to showcase the services and products of clients, while providing a setting for interaction among clients. It was held under the theme: Building Bridges and Pathways to New Opportunities.

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