Real People Group expands finance offering to local entrepreneurs
The Real People Group, a responsible lender that offers purpose specific
lending to individuals for home improvements, SME business finance,
education finance and rehabilitative finance, announced the conclusion of a
deal to expand its business finance offering to local entrepreneurs.
The Group has acquired the management team, SME loan
book and entrepreneurship training facilities from Wizzit Bank. Neil
Grobbelaar, Group Chief Executive Officer of the Real People Group, believes the
acquisition will promote the Group’s business finance agenda within the South
African operating environment.
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| Neil Grobbelaar |
“The acquisition allows us to offer business loans to
small and medium sized enterprises with the intention of servicing the needs of
both new and existing entrepreneurs sourcing specialist funding primarily
within the franchise sector. However, it is envisaged that this original
specialisation will grow into other sectors of the economy in the near to
medium term,” he comments.
The Group last year closed its general purpose
branch-based lending business, instead opting to focus its resources on
purpose-specific lending, in line with its vision of ‘sustainably improving
lives’. Grobbelaar says this latest acquisition is compatible with the
re-focus.
Wizzit Bank’s business operation team are now based
at the Real People Group’s local head office in Rosebank. “We are very excited
about the team joining us. Their experience and knowledge of the market will
prove an invaluable addition to our responsible finance offering,” concludes
Grobbelaar.
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