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How to prepare your business for funding

Photograph of a business team discussing and planning in a modern office environment

Affordable financing empowers South African business owners to invest, innovate, and grow. Whether you’re strengthening your sales team, expanding your premises, or adding tech to help your business run smoothly, business investment is essential to ensure 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.

Get started with GENFIN

To qualify for GENFIN financing, your business has to 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

To qualify 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:

  • SARS statement of accounts for VAT and PAYE (if applicable). Follow these guidelines to download the statements from Efiling.
  • Latest management accounts or trial balance dated within the last three months.
  • Latest audited or unaudited annual financial statements.

You are in good hands

GENFIN always prioritises 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. The factors below are tangible measures you can improve to increase your chances of securing larger loans:

  • 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.
  • 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.
  • The profitability of your business impacts the loan granted. Unsurprisingly, 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.
  • 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. 

GENFIN champions SMEs

Our country’s SMEs are vital for job creation and economic growth. It is our privilege to support the sector to invest, innovate, and grow. While the factors above are significant, we understand that established businesses can stagnate, earn inconsistent income, or run at a slight loss. We’ve seen first-hand how affordable capital empowers SMEs to invest and kick-start growth. That is why each application is reviewed on a case-by-case basis.

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.

Opportunity Bridge Loan

Release up to R5 million with a 90-day repayment grace period.

Large Business Loan

Release up to R5 million paid over 12 to 24 months.

Small Business Loan

Release up to R500,000 paid over 6 to 12 months.