Affordable business funding empowers South African business owners to invest, innovate, and grow. Whether you’re strengthening your sales team, expanding your premises, or adding technology to help your business run smoothly, business investment is essential for ensuring the long-term success of your company.
At GENFIN, we aim to provide South Africa’s business owners with affordable capital to maintain business as usual and grow over time. We work with established companies across various industries, from construction and logistics to manufacturing and retail.
Our transparent lending and repayment process takes the stress out of business funding, and our automated credit model speeds up the process to give you an answer within 24 hours.
To qualify for GENFIN financing, your business must be a registered entity with a trading history and annual turnover of no less than twelve months and R1 million.
Our 100% digital application takes less than five minutes to complete, and we only require 12 months’ bank statements to give you a preliminary offer.
You are free to apply without a business plan or financial projections. Our automated credit risk model does all the heavy lifting for you.
For loans exceeding R500,000, your business needs a slightly more significant trading history and an annual turnover of at least three years and R5 million.
For larger loans of R1 million or more, GENFIN typically requires additional documentation to process applications.
To avoid any delays in your application, it’s a good idea to keep a copy of the following documents handy:
At GENFIN, we always prioritise the health of your business. That means only extending loans that we’re confident your business can afford. We aim to ensure the working capital empowers your business to grow without jeopardising cash flow and day-to-day operations.
For loans exceeding R500,000, our model looks at various factors to get a good idea of how your business operates.
Loan Amount:
You are more likely to secure a loan if the amount is less than 70% of your average monthly revenue. If your monthly turnover is circa R2 million, try to cap your loan application at R1.4 million or less.
Business Growth:
Businesses with proven moderate to strong growth typically qualify for bigger loans.
Debtors and Income:
Regular income and a proven track record of working with debtors improve your company’s risk profile and the likelihood of receiving a more significant loan.
Business Profitability:
The profitability of your business impacts the loan granted. Moderate to high profitability increases your company’s chance of receiving a higher loan.
External Financing:
Minimal use of external financing also bolsters your company’s likelihood of securing a larger GENFIN loan.
Business Directors’ Credit Scores:
We require consent to run a bureau credit check on your business and its directors to process your application. Favourable credit scores go a long way to ensure your company secures the loan you require. Maintaining low credit utilisation and regular debt repayments are surefire ways to ensure a good credit score.
Business Premises:
Stable premises – whether owned or leased – for at least two years also strengthen your company’s application for larger loan products.
If your business does not yet qualify for a loan, there are several steps you can take to increase your turnover and improve your chances of securing funding in the future. Here are some effective strategies:
Digital Marketing: Invest in online marketing strategies such as search engine optimisation (SEO), pay-per-click (PPC) advertising, and social media marketing. These methods can help you reach a larger audience and attract more customers.
Content Marketing: Create valuable content that addresses your customers’ needs and interests. This can include blog posts, videos, infographics, and eBooks that showcase your expertise and build trust with your audience.
Email Marketing: Develop a targeted email marketing campaign to engage with existing customers and nurture leads. Personalised and relevant email content can drive repeat business and increase sales.
Market Research: Conduct market research to identify gaps in the market or new opportunities. This can help you develop new products or services that meet customer demands.
Product Diversification: Introduce complementary products or services that add value to your existing offerings. This can attract new customers and increase sales from existing ones.
Bundling: Create bundled packages or promotions that encourage customers to purchase more items together, thereby increasing the average transaction value.
Customer Service: Provide exceptional customer service to ensure customer satisfaction and loyalty. Happy customers are more likely to return and recommend your business to others.
Loyalty Programmes: Implement a loyalty programme that rewards repeat customers with discounts, special offers, or exclusive access to new products. This can incentivise customers to continue doing business with you.
Feedback and Improvement: Regularly seek customer feedback and use it to improve your products, services, and overall customer experience.
Efficiency: Streamline your business processes to reduce costs and increase efficiency. This can include automating routine tasks, improving inventory management, and optimising your supply chain.
Cost Management: Review your expenses and identify areas where you can cut costs without compromising quality. Reducing unnecessary expenses can improve your profit margins and free up funds for reinvestment.
Staff Training: Invest in training and development for your staff to enhance their skills and productivity. A well-trained team can provide better service and contribute to the overall success of your business.
Angel Investors and Venture Capital: Seek investment from angel investors or venture capitalists who are interested in supporting growing businesses. These investors can provide not only capital but also valuable expertise and connections.
Crowdfunding: Consider crowdfunding platforms to raise funds from a large number of people. This can be an effective way to finance new projects or expand your business.
Grants and Competitions: Look for government grants, business competitions, and other funding opportunities that do not require repayment. These can provide a financial boost to help you grow your business.
From your first application to your final repayment, your entire GENFIN journey is supported by a dedicated business funding analyst. We are here to help get your application over the line. Contact us to discuss your business goals. Let us help you get it done.
Do you still have more questions? Visit our FAQ page for more insights
Get started with GENFIN Business Funding Today
Visit our applications to start your journey towards securing the funding your business needs. For more information on how to prepare your business for funding and to discuss your unique business needs, contact us.
Call: 0800 436346
Email: info@genfin.co.za
Release up to R5 million with a 90-day repayment grace period.
