Biz Funding

About

Biz Funding offers funding solutions to small and medium-sized business owners who need tender or purchase order funding. They offer funding from between R50,000 to R2-million, based on whether the project is profitable to Biz Funding.

The duration of repayment terms is between 30 – 90 days. Construction projects can be funded if the turnaround time of the project is within 60 and 90 days.

You can get approval within 3 and 5 business days. Lenders with recurring clients can be funded within 48 hours. Biz Funding offers a tailor-made profit share structure for each project, fees are fixed.

Features

• Type of funding – Purchase order funding
• Qualifying criteria – Businesses with a purchase order/tender can apply. Your business must be fully compliant with business taxes and regulations. Biz Funding needs a full detailed project plan and bill of quantities from you to assist as well as supplier quotes for all materials needed for the project.
• Repayment terms – Fees are a fixed profit share deal; each project’s profit share structure is tailormade. There is mention that an origination fee will be requested if your application is successful. There isn’t information on the estimated amount of how much you will be required to pay back.
• Application process – You are able to apply online by sending your purchase order invoice with the specification of RFQ as well as the supplier’s quotation. From there the verification process will entail you sending the following documents: copy of all the directors IDs; proof of residential address of all directors; proof of business address; 3 to 6 months’ bank statements; CK Document; Tax Clearance Certificate; Registered on CSD; BEE Certificate; and Funds Transfer. It will take between 3 and 5 business days to get approval; however recurring clients can be funded within 48 hours.

Pricing

Contact Biz Funding for customised pricing.

Pros

There are low minimum financing requirements. The fixed fee pricing may be advantageous for some businesses.

Cons

No repayment calculator available, as well as lack of information on repayment fees – for example, there is no information on what your purchase order’s gross profit margin will be.

Customer service

There are several ways to get assistance – call, WhatsApp or email the team. You can also book an appointment to see the team during office hours.