American Firm Targeting $960m Expansion of Local Operations

American micro loan and pawn company, CashWiz Holdings Limited, is targeting investment of just over $960 million (US$8 million) to expand its local operations to at least 12 stores, by the end of 2016.

Currently, the entity, which operates locally under the name CashWiz Jamaica, with its head office in Montego Bay, has other outlets on Half Way Tree Road in Kingston, as well as in Mandeville, Manchester; and May Pen, Clarendon.

Assistant Manager, Rene Dryden, tells JIS News that a fifth outlet is slated to be opened in New Kingston shortly, and is upbeat about the prospects for other targeted locations.

“We see the future of Jamaica having at least 12 stores, if not more. Main towns such as Spanish Town, Ocho Rios, and Savanna-la-Mar are also targets under the expansion plans, and another store is planned for Montego Bay,” she states.

Ms. Dryden informs that CashWiz has, to date, spent approximately $120.34 million (US$1 million) to boost its local operations, which commenced in 2010.

This investment, she outlines, included working capital and the build-out of stores operating from leased space.

Twenty-five people are currently employed across the four stores, with another 60 expected to be added when the other outlets are opened.

CashWiz Holdings Limited also operates in 18 other Caribbean islands.

These include: Antigua and Barbuda; Bahamas; Barbados; Dominica; Grand Cayman; Grenada; and St. Kitts and Nevis.

The entity’s clients are able to either pawn (deposit as collateral) their valuables for short-term loans, or sell these for a negotiated price.

The interest rates on loans vary, depending on the length of time customers opt for, which often ranges between seven and 30 days. Pawned items are returned once loans are settled.

Meanwhile, Ms. Dryden has lauded the Government for creating a business friendly environment that she says is facilitating foreign direct investments.

“Prime Minister (the Most Hon.) Portia Simpson Miller hit the nail on the head (recently) when she said Jamaica is becoming the place of choice to do business. That is exactly how we feel, and over the coming months, we are planning on expanding our reach in this country, where Jamaicans can have easy access to our product(s),” Ms. Dryden adds.