Being a small business in South Africa, you may run into numerous issues that other international companies may not have to consider. Being prepared for these things will give you an instant advantage over your competitors, however – we understand that preparing for them is easier said than done. With an unpredictable economy, having access to additional funding is essential for your business’s stability and growth.
What Additional Funding Options Are There?
There are many different funding options for businesses in South Africa, the most common being the traditional route of seeking out a loan from a bank. However, most SME’s in South Africa may find that they do not actually meet the requirements to qualify for traditional means of business funding and should then turn to alternative funding solutions, such as business funding through GroWise Capital. It’s vital to do your research before acquiring financial assistance to ensure that what is being offered is in fact the right solution for you and your business’s needs.
Also Read: What Is Alternative Funding?
How Would Additional Business Funding Affect My Business Credit?
While to apply for additional business funding in the first place requires you to have your personal and business credit in good standing, once acquired, additional funding can either raise or lower your credit score depending on how you manage it. To ensure that your credit stays in good standing, it’s important to make your repayments early or on time. Missed, disputed or late payments will negatively effect your credit and could potentially hinder you from receiving additional funding in the future, and with the South African economy being as unpredictable and volatile as it is – having the option to apply for additional business funding is critical.
When Should You Apply For Business Funding?
Majority of the time, businesses will apply for funding to cover things like: new machinery, product development and production, expansion or even unexpected costs that put the business under financial strain. However, having extra capital available before you encounter these extra costs is more beneficial to your business than applying for it as you need it. Not only will this enable you to make your move as you need to, but you’re also able to bounce back from any financial set backs sooner rather than later.
Additional funding, for any business – especially in South Africa, is something that can not only ensure your company doesn’t sink when the economy takes a beating, or fall under financial pressure when you reach the natural point of expansion, but it also allows you to plan extensively for said moments. Being ahead of the trends, bumps in the road and your success markers enables your business to flourish through the good times and more difficult times, so it’s important to be aware of your funding options and have a deep understanding of what additional funding solutions will be best suited to your business goals from the beginning.
Do I qualify for funding from GroWise?
You are a good candidate for quick funding solutions from GroWise if your business:
- Is older than 6 months.
- Is registered with the CIPC
- Has an average monthly turnover of R30K+
What funding solutions can we offer you?
Business Cash Advance
Simply put, a cash advance is a purchase of your company’s future income based on all your income streams, with customizable terms and either pre-determined or variable repayment amounts, so you can easily plan how you’ll utilize your funds.
Merchant Cash Advance
A purchase of future income with flexible repayments deducted directly from your merchant account.
Merchant Stock Advance
At GroWise Capital we also have a Merchant Stock Advance as an alternative funding option. It’s easy! We buy your stock, and sell it to you. Easy and flexible repayments to fit in with your business!
What you can expect when applying for business funding through GroWise:
FLEXIBLE PAYMENT TERMS
FAST TURN AROUND TIMES
There are countless reasons to seek out funding, and our goal at GroWise is simple, to get your business funded and growing… fast.