JOHANNESBURG: MERCANTILE Bank has allocated R250 million in loan money to assist entrepreneurs grow their businesses. The offering, tagged Grow your Business", is part of celebrations to mark the 50th anniversary of the bank, which it is marking this week to coincide with the ongoing Global Entrepreneurs Week.
Mercantile Bank exclusively caters to the needs of established entrepreneurs. Karl Kumbier, Chief Executive Officer of Mercantile Bank, said the "Grow your Business" loans would assist entrepreneurs to elevate their existing business to new heights. "We look forward to the next 50 years of helping entrepreneurs achieve their full potential," said Kumbier.
He said South Africa was home to countless individuals who have worthy business concepts, yet often their ideas went unheard as these entrepreneurs did not have the means to develop them further. "The role entrepreneurs play in the economy and how they contribute towards job creation is key to the development of our country, so we have to ensure that small businesses get the opportunity to flourish. This is where Mercantile Bank comes in," said Kumbier.
For 50 years Mercantile Bank, which is owned by Caixa Geral De Depósitos (CGD), the largest bank in Portugal, has journeyed with thousands of entrepreneurs to help them navigate their businesses through periods of growth. "We understand what entrepreneurs want and how they want to be treated. We don't think banking should be an anonymous, frustrating or disempowering process. Mercantile Bank believes in partnering with our clients by giving them a personal, dedicated service. Our clients include some of the most respected and successful individuals in the entrepreneurial space," noted Kumbier.
This year, the bank has established private banking relationships with 500 individuals for personal lending requirements of close to R300 million and we aim to grow that to 15 000 over the next five years. Mercantile Bank was founded in South Africa in 1965 and is 100 percent owned by Caixa Geral de Depósitos, the largest bank in Portugal and a global financial services group present in 23 countries and on four continents.
SOURCE: CAJ NEWS AGENCY