Running a business can be quite a challenging undertaking. For small business owners to grow, it often means having to get access to finance.
One bank that strives to offer clients access to the simplest financial solutions is Nedbank.
Nedbank is one of the four largest banking groups in South Africa, with more than six million clients. The history of the bank traces back to the early 19th century with the establishment of the Cape of Good Hope in 1831.
In 2005, the group changed the name of the holding company from Nedcor Limited to Nedbank Group Limited.
The principle banking subsidiary is Nedbank Ltd, which has a solution to cater to every need of the clients. The bank offers wholesale and retail banking, insurance, asset and wealth management.
Nedbank understands the difficulty of a growing a small business, the hours put in and the determination needed to succeed.
Through the Nedbank Gap Access service, business owners are provided with cash when they need it most.
A cash advance is offered, to help grow your business.
The cash is paid back as a percentage of your daily card machine turnover.
A good way to work out how much you can afford to borrow is by using the online calculator.
How it works:
- Sign up online
- After assessment you may get an approval on your advance
- Get what you need to make your business grow
- Pay back the advance
You could get another advance once you have paid off 60% of your existing advance. There is minimal paperwork involved.
What do you need to qualify?
To qualify for this finance you need to have a business turnover of R1 million per annum. Your business needs to be in operation for at least 2 years.
You need to have a year-long transactional history with Nedbank. You should also be willing to provide a proforma invoice as well as personal surety.