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FNB Business Loan

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FNB Business Loan

The banking sector is responding to an increase in the number of small businesses in South Africa by designing products which accommodate entrepreneurs in their banking system. Small businesses play a major role of injecting revenue into the economy let alone creating employment thus they have to be given enough support to keep them revolving.

First National Bank is one such bank which responded by unveiling business loans suited for business account holders who are looking to raise capital to inject into their business growth or expansion purposes, acquire assets or additional business opportunities, or finance other business-related expenditure over the medium term.

Below is what the FNB business loan will offer you:

  • Terms of between 3 months and d5 years with a minimum loan amount of R2 000
  • Depending on how long you have had a business account, you may not be required to provide security for loans of up to R400 000
  • Automatic payments by debit order from your business account
  • Amortizing capital balance, so that you pay less interest over time’
  • A set interest rate for the term of the loan, so that you can budget and plan accordingly

Worth noting is that there is no access to prepaid capital. Should you need this facility, you should apply for a Business Flexi Loan.

You need the following documents when applying:

  • For business finance of less than R400 000, you may not be required to submit supporting documents or collateral
  • For business finance of more than R400 000:
    • A business finance application form
    • Signed financial information (annual financial statements and year-to-date management accounts)
    • Projections (cash flow statements, income statements and balance sheets)

You should bring the following documents in the event that you don’t have a Business Account with FNB:

  • Six months’ bank statements
  • Signed financial information (annual financial statements and year-to-year date management accounts)
  • Projections (cash flow statements, income statements and balance sheets)
  • A business plan to demonstrate the viability and sustainability of the business
  • Should your application be successful, you are required to open a business account

You can call FNB on 087 575 9479 if you have any queries or require more information regarding FNB Business Loan.

 

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