- Call 0800 GENFIN (436346)
Get answers to the most frequently asked questions about our business funding or contact one of our dedicated business funding analysts.
You can either apply online within minutes OR call GENFIN and 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 and your loan agreement has been signed, pay-out into your bank can be done that same day.
When you apply, we will allocate a dedicated Business Funding Analyst (BFA) to work with your application. Your BFA will address any queries you may have during the lifetime of your business funding solutions, as well as assist with any further lending requests you may have in the future.
We take several factors into account when structuring your funding solution. There is no simple formula, but we work in three categories to determine an overall score.
We require at least one year of trading history and a turnover of more than R1 million. As a start-up business, these criteria would not be met. However, where a business already meets these requirements and you wish to pursue a new idea within the business, the business would be eligible for assistance from Genfin.
We do not provide funding to purchase an existing business, even if it has been trading for at least a year. We primarily look at the past operations of the business to make a funding decision – past operations may not necessarily be indicative of future operations following a change in management. We would therefore prefer that management has been running the business for at least 6 months.
We do not provide funding to purchase an existing business, even if it has been trading for at least a year. We primarily look at the past operations of the business to make a funding decision – past operations may not necessarily be indicative of future operations following a change in management. We would therefore prefer that management has been running the business for at least 6 months.
What is this Direct Bank Connection?
We use a third-party provider who uses an automated process with bank-level security to pull transactional data from your bank account(s) and instantly provide these to us. This completely removes the need for you of locating your 12 months of bank statements and thereby fast-tracking your application. We only require the bank statements of the company which you are authorised to represent and therefore we do not require your personal bank statements.
Why do I have to provide my online banking information and what does Genfin do with it?
When providing your online banking username and password details, the system uses these to log into online banking on your behalf, without human intervention, and securely retrieve your bank transactions for the last 12 months. Genfin does not receive, store, or have access to your login credentials. Our third-party provider does not store login credentials and all traces of the details are destroyed after the login process is complete. Bank-level security protects your information.
Genfin primarily serves established businesses with a trading history of at least 12 months and an annual turnover exceeding R1 million. Unfortunately, startups without this trading history may not qualify, but businesses planning to expand can apply for funding to support new projects.
Once your application is approved and all required documentation is submitted, funds can be disbursed within 24 hours, ensuring quick access to capital for your business needs.
Genfin assesses business stability, financial metrics, and credit history when evaluating applications. These factors collectively determine the funding amount and terms that Genfin can offer.
Genfin does not provide funding for the acquisition of existing businesses. The focus is on supporting the growth and operational needs of established businesses rather than financing ownership transitions.
Yes, you can access additional funds by redrawing from repaid capital or refinancing your loan once half of the initial amount is repaid
Our process is much faster and takes place completely online. We require no paperwork. Our costs are transparent and agreed upon upfront. We do not charge any admin or initiation fees and there are no penalties for settling early.
Find out exactly how a Ge Genfin business loan works by perusing the FAQ’s listed in this section, or view our How It Works page.
Our loans are initially structured over a 12-month period to help keep your instalment, as a percentage of your revenue, as low as possible. We can also structure this over a shorter period. In addition, 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 withdrawing additional repaid capital at any time or refinance your facility once 50% of your capital is repaid through your instalments, effectively extending the term of the loan.
You are welcome to deposit additional capital at any point to reduce your interest charge and shorten the repayment period of your business funding loan.
You can also access funds by redrawing additional repaid capital at any time or refinance your facility once 50% of your capital is repaid, effectively extending the term of the business funding loan.
You can access funds by redrawing excess repaid capital at any time or refinance your facility once 50% of your capital is repaid.
We submit a weekly or monthly debit order to your business bank account.
We charge interest on the outstanding balance of the loan over the life of the loan. There are no initiation fees, paperwork, administration fees or early-settlement fees.
Try our calculator to see the cost and repayment terms based on your required loan amount.
Genfin offers flexible repayment terms, typically 6 or 12 months, with the option to repay early without penalties. You can also redraw repaid capital or refinance once 50% of the loan is paid off.
Genfin requires up to 12 months of business bank statements to begin the application process. Depending on the loan amount, additional documents like management accounts, annual financial statements, and SARS statements may be needed.
With DBC, your business bank statements are retrieved directly from your bank. This eliminates manual uploads, allowing us to verify your cash flows instantly and fast-track your approval. Rest assured, DBC is completely safe. Your credentials are encrypted, and we never store your login details.
Genfin provides funding solutions across a wide range of industries, including construction, consulting, finance, manufacturing, retail, technology, and more. If your industry isn’t listed, contact GENFIN to see how they can tailor their services to meet your needs.
