Lasco Financial Obtains Approval of $ 100 Million Line of Credit | Business

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LASCO Financial Services Limited (LASF) has obtained authorization to draw on a $ 100 million line of credit from the Development Bank of Jamaica (DBJ) for on-lending to micro-entrepreneurs.

This will allow the company to significantly increase its loans and receivables, which currently stand at $ 380 million, down from $ 325 million a year ago.

“LASCO Financial has informed that its request for financing under the line of credit from the microfinance institution DBJ has been approved and that LASF is now eligible to draw up to $ 100 million for on-lending to micro-entrepreneurs “, according to a statement released this week.

A third of the assets

Loans represent about a third of its total assets of $ 1 billion.

DBJ has lent more than $ 2 billion to microfinance institutions since the creation of the microfinance window in 2009. The bank remains “aware” of the role that micro, small and medium-sized enterprises contribute to the development and stimulation of Jamaican economy and continues to provide wholesale funding to a number of microfinance institutions for on-lending to entrepreneurs.

In its latest financial statements, LASCO Financial revealed its intention to expand its loan portfolio as well as many new businesses.

“The next two periods will be busy for LASCO Financial as we will officially launch our telecommunications division and deploy our micro-lending sites across the island,” said LASCO President Lascelles Chin.

“Other new businesses under consideration could also emerge during the period. We expect additional human resources to be added in the next quarter to support new businesses,” he added.

Chin said, “We have so far added 10 new staff members during this fiscal year. Based on our projections, management believes that the pace of revenue growth will soon exceed the current expenses incurred for expansion and that the resources deployed to improve the technology will soon bring efficiency and returns on our investments. “

LASCO Financial reported net income of $ 60 million in its September 2015 quarter, up from $ 64.5 million a year earlier.

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