Standard Bank Business Term Loans – Small Scale Business Funding

The cost of refurbishments and alterations can be quite high for small businesses. Securing funds for purchasing fixed assets such as property is not always an easy process. Standard Bank has introduced business term loan solutions for small entities seeking funding. This product offering enables small-scale businesses to secure funds for any period up to 8 years and is payable in equal monthly instalments. 

The minimum loan amount is R50 000 and there are no maximum amounts. A benefit of qualifying for Standard Bank’s Business Term Loans is that there is no fixed repayment period, but it’s determined by monthly repayments (including interest and capital.) Additional funds paid over and above your monthly agreed repayments will be available for withdrawal subject to a minimum of R10 000 and multiples of R1000. The account can be linked to electronic channels.

There is a key submission requirement for application: a business plan indicating the nature of the business, product offering, market environment as well as management skills. Also important to include here, are the cash flow forecast, projected income and expenditure, personal statement of assets and liabilities for all partners, members and directors, the amount and source of the business owners’ contribution  or stake in the business, sales and purchases budget.

If a client is acquiring an existing business, there is no need to provide a copy of the deed of sale or draft deed, draft or signed lease agreement for premises. Credit checks of the business and its partners are always conducted and collateral information is provided by Government Khula finance company. Standard Bank is driven towards providing South Africans with the best banking solutions. Their business term loan product is not strictly limited to Standard Bank clients. If a business is banking with a different institution, the company’s financial statements will need to be submitted. This is in addition to 3 monthly bank statements, facilities letter from the existing bank and also details of collateral held by their existing bankers.

Standard Bank consultants are ready to assist. Contact them here: 0860 109 075 or 011 299 4633.