• A trading history of more than 12 months
  • An annual turnover of more than R1million

Complete this contact form and we will contact you to structure your funding solution.

For more information about applying for a Genfin business loan, read through our FAQ’s.

Find out exactly how a Genfin business loan works, by going through the FAQ’s listed in this section.

Applying for business loans from genfin

How does a genfin business loan work?

  • What is the term of the loan?

    All of our loans are initially structured as 12 months to help keep your instalment as a percentage of your revenue as low as possible. However, you are welcome to deposit additional capital at any point to reduce your interest charge and shorten the repayment period of your business loan.

    You can also access funds by redrawing additional repaid capital at any time or refinance your facility once 20% of your capital is repaid, effectively extending the term of the loan.

  • Can I settle the loan earlier or extend the repayment term?

    You are welcome to deposit additional capital at any point to reduce your interest charge and shorten the repayment period of your business loan.

    You can also access funds by redrawing additional repaid capital at any time or refinance your facility once 20% of your capital is repaid, effectively extending the term of the loan.

  • Can I access additional funds during the term of my loan?

    You can access funds by redrawing additional repaid capital at any time or refinance your facility every 3 months to access additional capital.

  • How does repayment work?

    We submit a weekly or monthly debit order to your bank account.

  • What does it cost?

    We charge no initiation or paper work fees.

     

    We apply an annual interest rate of 35% (2.92% per month) on the outstanding balance of your business loan. Your contractual repayment will not exceed 5% of your monthly turnover.

     

    Try our calculator here

     

     

  • How does our application process work?

    You can either:

    Apply online using our simple three step application process or,

    Call Genfin where a consultant will help you complete your application telephonically.

    Once the application process has been completed, your dedicated consultant will request you to submit certain documents for evaluation. Once approved, pay-out into your bank account is immediate.

  • Who will assist me at Genfin?

    When you apply, we will allocate a dedicated Genfin consultant to work with your application. Your consultant will address any queries you may have during the lifetime of your loan and assist with any further lending request you may have.

  • How long will my application take?

    For all approved loans, funds will be available within 3 days from the date Genfin receives the required supporting documentation.

  • What does Genfin consider when evaluating an application?

    We take a number of factors into account when structuring your funding solution and determining the interest charge. There is no simple formula, but we work in 4 categories to determine an overall score.

    Business Stability

    • Cash flow health
    • Years in business
    • Lease status
    • Seasonality
    • Customer concentration

    Financial Metrics

    • Revenue
    • Profitability
    • Growth
    • Margins

    Credit History

    • Amount of debt
    • Type of debt
    • Debt servicing history

    Security (only if insufficient score in other categories)

    • Outstanding invoices
    • Large contracts
    • Property
    • Other
  • What type of documents are required?

    To provide you with a preliminary assessment and an offer in principle, we will need the latest 6 months of your online/internet bank statements. In order to finalise our analysis, we will need:

    - 12 months of bank statements (including the 6 noted above)

    - Latest management accounts

    - Latest annual financial statements (if available)

    - Copy of lease agreement

    - Copy of certificate of registration of business and directors’ ID

    How do you get your bank statements? Read here

     

     

  • Can I apply for a loan for a new idea or start-up business?

    We require at least one year of trading history and a turnover of more than R1m.  As a start-up business, these criteria would not be met.  Where a business already meets these requirements, however, and wishes to pursue a new idea within the business, the expansion programme would be eligible for assistance from Genfin.

Phone 087 6544 300

Physical address

Waterfront Terraces  | Unit 4&5 First Floor | 3 Waterfront Road |  Tygerwaterfront  | 7530

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