Telkom Business now offers small businesses funding up to R5m within 24 hours
Telkom Business has launched Telkom Lend, which enables small businesses to apply online for funding between R20 000 and R5-million within 24 hours.
Telkom Lend responds to applications within 24 hours through an end-to-end digital process without paperwork, queues and waiting for a response from a financial institution.
“Business funding from Telkom Lend will ensure that small businesses are able to scale and grow with fast funding without the need to put up any collateral,” says Telkom Financial Services managing executive Sibusiso Ngwenya.
“With funding offers ranging from R20 000 to R5-million depending on monthly turnover, funding can be paid back over three to twelve months on a daily or weekly basis, depending on the business cash flow,” he explains, adding that this means that businesses take control of their payments.
Applications are checked for eligibility with Telkom’s proprietary automated scoring model, which saves time and enables business owners to focus on their businesses instead of “filling in forms and standing in queues”, further entrenching Telkom Financial Services as a fintech disruptor.
Ngwenya says it is not only the application that is handled quickly.
“Money will be paid into the account once approved within 24 hours to use for various needs, including expanding a business, purchasing equipment or renovating premises.”
Fast funding for businesses is becoming a necessity, enabling businesses to get capital and to be responsive to immediate opportunities instead of waiting for weeks for an old-style bank loan to potentially be approved.
Another benefit is that a business does not pay a penalty to settle the outstanding balance earlier, as it will instead qualify for a discount.
Any business can apply for funding as long as they have been in operation for at least six months with a monthly turnover of at least R30 000 and have a trade history of at least three months.
“Data is used to review the creditworthiness of businesses and speed up the funding process. The combination of technology and data analytics not only provides funding for businesses but is also driving financial inclusion while supporting economic growth,” Ngwenya concludes.
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