Small business owners turn to pawnbrokers for financing

Due to the challenge of accessing traditional finance, many entrepreneurs in South Africa have turned to pawnbrokers for financial assistance.Charles Meyerowitz, CEO of Lamna Financial says many small and medium enterprise owners make use of assets such as trucks, vehicles, luxury watches, fine art, and high-end vehicles.Meyerowitz says pawnbrokers usually provide entrepreneurs with short-term solutions to fund projects.

“It’s no surprise to learn that 35% of all loans made to SMEs are in the form of personal loans or asset-backed loans, as these entrepreneurs find it too difficult to access funding as a business.” “Loan sharks who demand upfront payment, charge excessive annual interest rates, make repayments overwhelming for borrowers and trap consumers in a cycle of debt, leaving them struggling to pay off the loan while amassing additional fees, are on the increase.”

Nederland Laatste Nieuws, Nederland Headlines

Similar News:Je kunt ook nieuwsberichten lezen die vergelijkbaar zijn met deze die we uit andere nieuwsbronnen hebben verzameld.

Finance MEC Lebogang Maile says Lehau Sehoana asked him to help get R3.6m from SARBThe Gauteng MEC for Finance and Economic Development Lebogang Maile said Drip founder and CEO Lekau Sehoana asked him to help recover his R3.5 million from SARB.
Bron: brieflyza - 🏆 10. / 68 Lees verder »

Naspers and Prosus finance chief stepping downAfter 29 years at the company, Naspers’ chief financial officer has announced his retirement.
Bron: mybroadband - 🏆 11. / 67 Lees verder »

Lebogang Maile, Gauteng Finance MEC, Asks Reserve Banks to Help Drip Avoid LiquidationGauteng Finance MEC, Lebogang Maile writes a letter to the Governor of the Reserve Bank to request for financial rehabilitation for Drip footwear.
Bron: brieflyza - 🏆 10. / 68 Lees verder »

Customers shouldn't suffer because of international finance complexityIT Industry News. Daily.
Bron: ITOnlineSA - 🏆 16. / 63 Lees verder »

Nigeria secures half billion loan to finance renewable energy dreamsThe African Development Bank has loaned Nigeria half a billion dollars to fund its 2050 goals of providing for all through renewable energy.
Bron: htxtafrica - 🏆 42. / 51 Lees verder »

Liberia: Govt Refutes Claim of Witch-Hunt By Former Finance MinisterThe Government of Liberia has refuted claims by the former Minister of Finance and Development Planning, Samuel D. Tweh, Jr. that his writ of arrest is a witch-hunt.
Bron: allafrica - 🏆 1. / 99 Lees verder »