Unsecured Business Loans in South Africa

Overview

Getting access to business loans in South Africa isn’t always an easy process. It’s well-known that one of the biggest setbacks when it comes to business growth in South Africa is a lack of funds. For businesses to qualify for funding from banks, government and other financial institutions they often need to fulfil stringent criteria. 

Generally, banks normally provide loans to businesses with operating histories. If you are starting a business it’s highly likely that you will be able to get unsecured business loans in South Africa. Bank usually you to be in business for at least three years.

In most instances, small business loans are secured by business assets.

The expansion of the micro lending industry in South Africa has created a number of opportunities for both the institutions and also individuals and businesses applying for finance. There are some institutions that specialise in providing unsecured business loans in South Africa.

Most of these institutions require information from the business including:

• Business financial statements
• Business tax returns
• Business plan with budget or projections
• Personal financial statements
• Personal tax returns

When applying for unsecured business loans, you need to be ready to highlight your financial performance.

You also need to propose a repayment plan, to show your potential funders that you have planned thoroughly prior to applying.

It’s also good practice to keep your lenders informed on the status of your business- the ups and the downs. You should also be willing to provide solutions to potential problems.

You need to be prepared to discuss any prior credit issues or problems.

Avoid giving the impression of being over-optimistic.

Business Loans:

By visiting www.business-loan.co.za you will be able to apply for unsecured business loans in South Africa. You will be able to pay back the agreed amount each day or week, until the working capital loan is settled.

This lender provides loans that are aimed at SMMEs, franchises and restaurants and the main criteria for the loan is regular cash flow. An assessment of cash flow is done and the loan is based on this assessment.

To find out more about these loans, call: 083 748 2704 or send an email to infor@nhfinance.co.za