Betterbanc

Cape Town-based funding platform Betterbanc was founded in 2019. Its founders are former entrepreneurs who believe that funding enables businesses to grow, increase revenue and improve their customer acquisition and cash flow.

The Betterbanc platform is described as a hybrid model for small business growth. The company believes that businesses should have access to alternative cheaper solutions and that is where the Betterbanc platform comes in.

The Betterbanc funding solution is working capital. The company aims to give funding to small businesses to help them:

• Grow their monthly sales.
• Increase their brand presence online.
• Launch new products and services.
• Increase marketing and inventory budgets.
• Reach their scaling goals easily.

The application process on Betterbanc is simple and only takes a few minutes. You simply fill in the application, upload the necessary documents and if all is in order, your application will be approved within a few hours.

Quick Application – The application process is done online to ensure it’s quick for the customer.

Working Capital – BetterBanc’s working capital aims to help businesses with money to improve their day-to-day operations and cash flow.

Quick Approval – Applications are approved within a few hours.

Extra Costs – BetterBanc does not charge you any interest rates, only a fixed fee on your loan.

Online Calculator – The platform also has a dedicated calculator which will help you see how much your loan repayment will cost. You can calculate your repayment terms between 6 and 12 months.

How to Qualify for Funding from Betterbanc

The Betterbanc funding options (growth and working capital) are exactly what a small business needs. Growth capital helps small businesses expand their operations. Working capital is designed to help small businesses improve their cash flow and be able to operate smoothly daily.

To qualify for funding from Betterbanc, you need to meet the following criteria:

• Your business must have an annual revenue of R 1 million.
• Your business must have a minimum monthly turnover of R 83 000.
• Your business must have been operating for at least 12 months.
• Provide your personal documents such as ID.
• Provide valid business documents such as financial statements.
• Your business must be registered with the Companies and Intellectual Property Commission (CIPC).

These are the basic requirements you need to meet to apply for funding from Betterbanc. The company may request further information from you if need be.

If your application is approved, Betterbanc will send the amount directly to your bank account. The company uses the TruID Service tool to enable you to securely connect your bank account.

You can connect your account in 3 simple steps:

Step 1: Approve the transaction and grant consent.

Step 2: Verify your identity with your bank (you can do this on your banking app).

Step 3: Authorise the information that needs to be shared and your bank will share it on your behalf.

Note: TruID is safe and secure for connecting with your bank. Your private information is not stored, visible or shared with anyone.

How to Apply for Funding Through Betterbanc

Betterbanc offers funding in the range of R 100 000 to R 1,5 million. To apply for funding through Betterbanc, you must adhere to the following steps:

Step 1: You will need to register a profile on the Betterbanc platform. If you already have one, you can just log in using your credentials.

To register on Betterbanc, you will need to enter the following details:

• Personal details (full name and ID number).
• Phone number.
• Company name.
• Company registration number.
• Country of operation.
• Your position in the company.
• E-mail address.

Note: You will also need to create a password for your profile.

Step 2: You will need to upload supporting documents. The supporting documents include the following:

• 6 months bank statements.
• ID copy.
• Company registration documents.

Note: BetterBanc may ask you for additional documents depending on your loan amount