Are you gearing up for your next business funding application? Whether you’re chasing working capital, asset finance, or startup funding, getting prepared can be the difference between being approved or rejected.
We know how competitive funding can be, especially with private lenders who have strict criteria. That’s why we’ve put together 5 powerful ways to prepare that will boost your chances and help your business stand out. That will boost your chances and help your business stand out.
1. Diversify Your Customer Base
Lenders look for businesses that aren’t overly reliant on one customer or supplier. Expanding your client portfolio lowers concentration risk and shows stability.
2. Build Consistent Transactional Activity
Aim for at least 15 EFT credits per month into your business account. This proves to lenders that your business has steady cash flow and healthy turnover — ideally R50,000+ monthly.
3. Organise Your Financial Documents
Keep your business financials up to date, including bank statements, tax returns, and cash flow forecasts. Well-prepared documents save time and boost lender confidence.
4. Understand Your Funding Needs
Be clear on exactly how much capital you need and how you’ll use it. Lenders appreciate when business owners have a clear plan and purpose.
5. Seek Expert Guidance and Learn Continuously
Our platform offers guides, success stories, and tips specifically tailored to South African SMEs navigating alternative lenders. Use these resources to sharpen your funding knowledge and strategy.
Remember, even if you didn’t qualify before, these steps will help you strengthen your application for next time. Stay focused, keep growing, and you’ll get there.
To help you further, check out our latest articles and guides here:
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