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Understanding Business Loans

Business financing is typically issued to businesses with a trading history of 6 months or more and have had some form of revenue.

Among the financing options for business owners who qualify are Government loans, term loans, business lines of credit and invoice/debtors factoring.

Businesses less than 6 months old which have not had an revenue can be considered for other financing options like grants and venture capital.

Types of Business Loans in South Africa

1. Government Loans

The government of South Africa seeks to stimulate economic activity in the country. As a result various government departments are tasked to assist Businesses in one form or another. These include but are not limited to Department of Trade and Industry, and the Department of Small Business Development.

The various departments issue business loans to both new and established business owners whose businesses are inline with the vision of the government.

If your business will likely created many jobs and you have a sold business plan and profile you probably qualify for a government business loan.

2. Traditional Business Loans

A traditional Business Loan is a loan issued by a bank to a business. The business is expected to repay the loan incrementally overtime until it is paid off. However, for starters there is nothing traditional about ‘traditional business loans’.

The only traditional thing about these loans is that there are issued by banks. That is not to say banks are not innovating, both in terms of technology and financial products. They are, but at a rate slower than Fintech lenders or what are known as alternative lenders.

3. Fintech Lenders

Fintech Business loans are the new normal. Nowadays when business owners are searching for business loans they want fast decisions and fast application processes. Fintech lenders are businesses that have leveraged the modern technologies to build algorithms to significantly increase the decision making time.

Some of the technologies employed by Fintech lenders in South Africa and around the world have made it near-instant to decide on applicants’ business loan applications.