Member News: Retail Capital becomes the newest SME Finance Forum member
Aug 04, 2020
Washington, D.C., August 4th, 2020 –Retail Capital became the newest member of the SME Finance Forum, a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs.
“40 percent of small and medium businesses worldwide struggle to get access to the credit and capital that they need to grow their enterprises. We are delighted to welcome Retail Capital to our network of more than 180 members who are working to eliminate the finance gap for SMEs,” said Matthew Gamser, CEO of the Forum. `
Retail Capital was established in South Africa in 2011 to provide SME business owners with an alternative to bank loans. Retail Capital is responsible for 50% of the country’s GDP and contributing to over 65% of employment, devoted to partnering with small to medium-sized businesses to grow the South African economy.
“As the market leader and a proud partner of entrepreneurs, we have advanced over R3.2 billion to more than 8000 businesses, including restaurants, retailers and beauty salons. Becoming a member of SME Finance Forum, will help us align our business to international markets standards, and it will benefit us by participating in peer networking events,“ said Karl Westvig, Chief Executive Officer of Retail Capital.
To see all SME Finance Forum members, please visit: https://www.smefinanceforum.org/members/member-list
About SME Finance Forum
The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge center for data, research and best practice in promoting SME finance. As an implementing partner for the GPFI, the International Finance Corporation (IFC) was tasked with managing the initiative.
About Retail Capital
Since 2011, Retail Capital provides businesses with innovative, flexible and convenient alternatives to traditional business funding. Being responsible for 50% of the country’s GDP and contributing to over 65% of employment, Retail Capital is devoted to partnering with small to medium-sized businesses to grow the South African economy.