Betterbanc

About

Betterbanc offers growth capital to fund businesses to expand operations, expand into new markets, or increase inventory budgets.

Their funding amounts range from R20,000 to R1000,000.

According to their website, the funds can be disbursed within 48 hours of submitting your application – provided that all documents are in order.

You may apply for a re-advance.

Features

• Type Of Funding – they offer a variety of funding solutions for small businesses. 
• Qualifying Criteria – minimum eligibility criteria includes: trading history of at least one year, as well as an revenue of R1000,000; the minimum monthly turnover must be at least R83 000.
• Repayment Terms – Betterbanc’s repayment period is between three and 12 months.
• Application process – to apply online you will be required to provide your business and personal information. You will also have to provide Betterbanc access to all your ad accounts (only viewing rights) that you use to run your marketing efforts – they use this to analyze your business health. You can link your online bank account via TrueID (preferred option) or provide internet bank statements.

Pricing

Betterbanc provides 6 and 12 month repayments. Their funding is not linked to any interest rate calculation, they apply a fixed fee to their advances of between 1.7% and 3%. 

An example of how this works, on a R20,000 loan, your total repayment amount will be R23,400 on their six-month term plan and  R26,800 on the 12-month term plan.

You can get an estimate of how much you will pay back by using their funding calculator. 

Good payers may apply for a re-advance in less than four months. However, those with the 12-month repayment plan can only apply for the advance by the eighth month.

Pros

There are no interest rates nor penalties charged. The total monthly repayment is based on fixed cost (the Betterbanc fee and the Principal amount).

Cons

They are an online business and only accept applications via their website.