Business Partners (BUSINESS/PARTNERS), a specialist risk finance company for formal SMEs, has announced that Nazeem Martin will be retiring from his position as Managing Director (MD) in August 2016.

Martin has been with BUSINESS/PARTNERS for more than 18 years, eight-and-a-half of those as MD.

He has made a significant impact on the small and medium business environment in South Africa, steering the business and industry through challenging economic times since commencing his term as MD at the end of 2008, and leading the company to new levels of success.

Under Martin’s leadership, the company’s investment portfolio has grown from R1.9bn at the end of the 2008 financial year to R3.bn in 2015.

The average size of an approved deal in 2015 was approximately R2.6m.

Martin said that a highlight during his tenure as MD was BUSINESS/PARTNER’s growth and expansion into Africa: “In 2008, the company had a presence in Kenya and Madagascar. Since then, we’ve expanded our SME financing and mentorship activities into Rwanda and, more recently, into Malawi, Namibia and Zambia."

"In addition, we have commitments from international investors to set up a permanent capital vehicle to finance SMEs in East Africa – extending our reach into Uganda this year, and Tanzania and Ethiopia in the coming years to meet the growing demand for access to finance and technical assistance (mentorship) from SMEs on the continent,” he said.

Martin will be succeeded by current BUSINESS/PARTNERS Chief Financial Officer (CFO), Ben Bierman.

Martin said he is confident that Bierman will continue to pursue the path of driving, uplifting and unleashing entrepreneurial talent in South Africa and elsewhere on the African continent.

“Having spent more than 25 years with BUSINESS/PARTNERS, his vast knowledge of the business and industry as well as financial skills and experience make him the ideal candidate to lead the company to new heights and success,” he said.

Commenting on his appointment, Bierman said that BUSINESS/PARTNERS has become the leading enablers of small businesses in South Africa, and he is proud to have been part of the company’s journey: “BUSINESS/PARTNERS is a mature, effective and successful company. Continued and increased success will only result from continuing to provide SMEs and entrepreneurs with innovative and relevant funding solutions, and excellent client service. This can only be achieved with motivated and inspired colleagues who believe in our purpose to empower SMEs.”

“Although economic conditions are still not ideal, there is still appetite for SME finance in South Africa and Africa at large, which is positive for economic growth and job creation on the continent. South Africa and indeed Africa has huge untapped potential, and if the drivers for growth are nurtured and sustained, SMEs can and will thrive,” he added.