a long-term finance product for established SMEs
Mezzanine is is commonly seen as a generic term for financing that incorporates elements of debt and equity in a single investment. In developed countries it's a sophisticated instrument that is part of a layered capital structure.
However, in emerging markets like South Africa, it is about filling a funding gap instead of filling a gap in the capital structure of the business.
Mezzanine Finance offered to SMEs in South Africa is typically not part of a layered capital structure - but filling a funding gap.