On May 7, 2002, Micro Enterprise Financing Limited (MEFL) received its operating license. On November 1 of the same year the company opened its doors located at 12 Duke Street, Kingston, to the public. On November 26, 2002 MEFL granted its first loan for $24,000 to a group named “Self-worth’ from the Tel Aviv community in Zone 5.

This rapid initiation of business operations was feasible because it had been preceded by a period of intensive preparatory work lasting several years, in which particular attention had been devoted to recruiting and training staff, carry out market surveys in the seven targeted inner-city zones of Kingston and designing a loan product, with features based on the demand of the target market.

The company first started lending in Zone 2 – Olympic Gardens communities, Zone 4 – West Down town communities and Zone 5 – Central Down town communities, and in November 2003 expanded to Zone 1- Riverton City, Zone 7 – Uptown, Zone 6 – East (Bull bay) Zone 3 – Greenwich.

Having established its office in a strategically important location in direct proximity to the target group, MEFL is able to approach its potential clientele directly. Moreover, by creating a friendly, unintimidating atmosphere, it has ensured that customers know they are welcome at Micro Enterprise Financing Limited. By being so close to its target group, MEFL is also able to observe activities at the markets and in the communities, and respond quickly and unbureaucratically to changes, thus keeping down both the transaction cost incurred by its clients and those, which it incurs in serving them.