Lending for MDs, merchants
Prime Fintech’s Endorse has rolled out a financial leasing service geared towards physicians and other health professionals who want to open or upgrade clinics, pharmacies and labs, according to a press release (pdf). The company will offer finance with a tenor of up to 60 months, and an option to own the asset at the end of the repayment period, CEO Mervat Erian said. The company will target other industries in a “similar fashion,” she says, without giving a timeline. Endorse is the first company to be launched by Prime Fintech, a subsidiary of Prime Holding established last year to deepen the company’s footprint in the non-banking financial services sector.
EFG Hermes Corp-Solutions plans to lend EGP 100 mn to ValU merchants this year through the new factoring service announced by the firms last week, EFG Finance CEO Walid Hassouna told Al Mal yesterday. Merchants who have been customers of ValU for over a year can each borrow between EGP 50k and EGP 10 mn from Corp-Solutions to finance working capital and make capital investments.