For some things in life, you can’t take shortcuts. Running a business is a journey that takes years of personal growth, experience and skill. But sometimes, tech advancements and the right advice can make tricky tasks more simple and efficient. Getting a loan is one of those things that doesn’t have to be complicated. Here’s how to simplify your application for business funding and set yourself up for success.
One of the most common challenges in business funding applications is outdated documents and incomplete information. That’s no wonder, since in South Africa, traditional banks will ask for the following documents along with your business loan application:
While old-fashioned and slow-moving FSPs give the impression that they want to make things difficult and complicated, a simplified application process can benefit both applicants and funding providers.
For example, Genfin requires only 12 months’ business bank statements to give you a preliminary offer, and you’re free to apply without a business plan or financial projections. For larger loans of R1 million or more, you’ll typically need more proof of your planning and financial standing. It’s a good idea to keep a copy of the following documents handy:
Follow these steps to make your business funding application go smoothly and quickly:
Spend time collecting and creating digital versions – you’ll need only one! – of essential documents needed for your business funding application. You could create a folder on your computer or phone to keep them all together. Set a reminder to update them regularly, so you’re ready to apply in a hurry if you need to.
Instead of needing applicants to take time off work to stand in line at a bank, a folder of dog-eared paperwork in hand, online platforms have revolutionised the way loans are applied for and managed. You can apply from anywhere at any time, submit everything digitally, and have your application processed much faster. You can compare loan offers from multiple lenders, and be safe in the knowledge that your sensitive financial information is protected.
A trusted lender will have dedicated business funding analysts available to advise and support you in your application process. They are there to help you choose the right loan for your needs, and figure out when it works for you to repay it. Read these pro tips for increasing your chances of getting a larger loan.
While it’s not essential for all loan applications, a well-crafted business plan is a roadmap for your business. It gives you the chance to think about and define your business goals, target market, and strategies; helps in creating realistic financial projections; helps identify potential challenges; gives you a benchmark to measure your business’s progress; and can be essential reading to make sure everyone in your company is on the same page. Here is a handy template for writing a business plan in South Africa.
Genfin can offer business owners a simple, smart application process. To qualify, your business has to be a registered entity with a trading history of no less than 12 months and an annual turnover of R1 million. Our 100% digital application takes less than five minutes to complete. You can either apply online within minutes or call Genfin and a business funding analyst will help you complete your application telephonically. Once the application process has been completed, your analyst will request you to submit certain documents for evaluation. Once approved and your loan agreement has been signed, pay-out into your bank account can be done that same day.
Need smarter finance with a simple application process? Apply now and a dedicated business funding analyst will be in touch to discuss your goals.
Mistakes to avoid in business funding applications include not having enough complete and detailed documentation available, and not using help from a professional analyst or advisor. Professional advice can make a difference in your application outcome. There is no simple formula, but the three categories to focus on are business stability, financial metrics, and credit history.
You can apply from anywhere at any time; submit everything digitally; have your application processed much faster; and get an answer within 24 hours. Applying online also means you can compare loan offers from multiple lenders.
