DURBAN – Two Cape-based companies have joined forces to ensure that small and medium-sized enterprises (SMEs) will have greater access to funding.
SME funder Retail Capital and asset finance firm First Asset Finance have combined their expertise to offer more funding and support to small businesses across South Africa, that are growing, despite tough economic times.
“Any business that invests in growth will survive despite the state of the economy. Tough economic times by no means indicate that you should stop investing in your business” said Retail Capital Chief Executive Karl Westvig.
He added “In fact, it’s even more reason to make changes to boost your business’s growth ‒ whether it’s refurbishing, acquiring new assets, expanding your premises or building on the marketing of your product”.
Currently, according to Retail Capital CFO Guy Hosking, banks are very tight on the rules and the support they provide for small businesses. The company has provided almost R2 billion in loans to date to around 10 000 local businesses, predominantly retailers and restaurants.