If you are looking for business finance, there are a lot of options to consider, but banks are a good and solid choice as their loans are usually coupled with the lowest interest rates. Let’s take a look at what the major banks offer in terms of business finance.
If in the offers various business loans to clients, as they are looking to raise capital for the business or their start-up. For loans of less than R400,000 you may not be required to provide supporting documents all natural, however, for loans greater than R400,000 you need to provide a business finance application form, as well as a sign financial information form and projections in terms of your cash flow statements and balance sheets.
If you do not bank with FNB, you need to provide six months bank statements, a business plan, as well as all the signs financial information in order to submit your finance application.
Nedbank as a business start-up offer that provide to clients and this is applicable if they apply for a minimum of R100,000 business finance. For two years, you will get free unlimited checks, free unlimited debit orders, free unlimited cash deposit, as well as free unlimited Internet banking. This saves you a lot in terms of banking fees and they offer excellent interest rates on their loans.
Standard Bank offers a business finance loan that can be used to buy fixed assets, by property, or even start up a new business. The loan period is not fixed, but is determined by your monthly repayments, including capital and interest. The minimum loan amount is R50,000 and there is no maximum as this will depend on what you can afford. The company also be linked to various electronic and self-service banking channels.