Johannesburg - South African entrepreneur Dov Girnun has made it onto the Endeavor Global Network, becoming one of 34 entrepreneurs invited to join the network this year.
Endeavor selected entrepreneurs representing 23 companies from 15 countries at its 60th International Selection Panel. It now supports 1 136 entrepreneurs from 717 companies in 23 emerging and growth market countries around the world.
Girnun is founder and CEO of Merchant Capital and previously co-founded UK-based Money in Advance.
Merchant Capital addresses South Africa’s growing SME financing gap through unsecured working capital loans made within 24-48 hours in exchange for a fixed percentage of future card sales.
It was formed in 2012 in response to the high failure rate caused by lack of funding, and Girnun’s personal experience.
Merchant Capital’s credit underwriting team evaluates the last 6-12 months of a prospect’s business transactions with the help of a proprietary credit algorithm to dictate the cash advance and effective interest rate (percentage claim to future sales) the business qualifies for.
It addresses a financing gap worth an estimated $5 billion and has already extended more than $10 million in working capital advances to more than 500 South African SMEs, sustaining 8 000 jobs.
Girnun notes the selection process was “gruelling,” but now that he has been accepted, he is “am anticipating exciting things for the company”.
Last month, Merchant Capital announced its South African expansion with the opening of offices in KZN and the Eastern Cape.
“With the support of Endeavor, relevant emerging markets are now a possibility for further expansion of our small business funding model. This is an incredible opportunity for an SA entrepreneur like myself and a vote of confidence in SA small business and entrepeurship” Girnun adds.IOL