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Bridgement Finance

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SME Reviews 18
Introduction

Small to medium-sized enterprises (SMEs) in South Africa face a significant funding barrier, that makes it hard for SMEs to get the capital required to scale, fulfill contracts and build long-term sustainability. This barrier is decreasing thanks to the growth of financial technology (fintech) platforms that provide instant, hassle-free financing for SMEs. Once such company is Bridgement.

What is Bridgement? 

Bridgement is a South African fintech providing fast, flexible working capital solutions to SMEs. The company’s tech-driven platform enables quick online applications with approval in hours.

What Does Bridgement Offer SMEs?

To help small businesses grow, Bridgement offers simple finance to small businesses across South Africa. Their loans enable businesses to expand their operations, take on bigger projects or bridge gaps in cash flow. The company

What sets Bridgement apart is its use of technology and data science to bring a new approach to traditional business finance. This allows Bridgement to simplify and reduce the costs of taking out a loan, and to offer “near-instant decisions on applications”.

Our Take

Bridgement’s draw-repay-redraw model fits how SMEs actually trade. Compare it with fixed working capital loans and the full funding range to choose the right structure.

See if you qualify

Related: Working capital loans  ·  Cash flow  ·  All funding options

Main Features

Quick Approval – Bridgement’s application process can be done within minutes, with approval within hours and funds available within 24 hours.

AI-Powered Underwriting – Bridgement leverages AI and real-time data to analyse financial health of each application, removing the need for paperwork and increase approval time.

Transparent Pricing – Bridgement has no hidden costs such as application fees, early repayment fees and monthly facility fees. Users only pay a small fee for each withdrawal of funds.

Flexible Repayments – Bridgement tailors each offer per business so repayments can be matched according to cash flow. Repayments can be made daily, weekly, fortnightly or monthly.

Early-Settlement Discounts – There are no early repayment penalties and Bridgement offers discounts for early repayment.

Third-Party Integration – Bridgement integrates with third-party platforms like Xero for quicker applications.

Pricing

Bridgement offers various funding instruments such as business loans, line of credit, invoice financing, and BridgePay trade credit. Repayment terms are tailored according to each application. You can use the online calculator to get a clear idea of how your facility will cost.  The company charges a simple fee per withdrawal from your facility.

Note, Bridgement’s rates start at 1.7%.

Pros and Cons

Pros

Fast approval and funding
Flexible repayment structure
No early settlement penalties

Cons

Higher costs compared to traditional lenders
Only a short-term loan
FAQs

Traditional bank loans can be a lengthy and complex process, often requiring significant collateral and a strong credit history. Bridgement offers an alternative funding solution. Here’s a breakdown:

  • Loan Approval: Bridgement uses an alternative data scoring system, making it potentially easier to qualify than a traditional bank loan.
  • Speed: Bridgement’s online application process can be completed quickly, with funding decisions often delivered within days.
  • Collateral: Bridgement typically doesn’t require traditional collateral like property, making it a good option for businesses with limited assets.

Bridgement can be a good option for a variety of businesses, especially those experiencing:

  • Growth: Needing capital to invest in inventory, marketing, or expansion.
  • Cash Flow Gaps: Bridging temporary gaps between expenses and income.
  • Unexpected Costs: Covering emergencies or unforeseen expenses.

Bridgement has a clear repayment structure outlined in the loan agreement. Not meeting repayment terms could lead to late fees, collections efforts, and potential damage to your credit score. It’s crucial to carefully assess your business’s ability to repay before applying.

The Bridgement process typically involves:

  • Online Application: Complete the online application form with details about your business and funding needs.
  • Documentation: Submit any necessary documents requested by Bridgement.
  • Credit Assessment: Bridgement will assess your business’s creditworthiness using its alternative data scoring system.
  • Loan Offer (if approved): Bridgement will present a loan offer outlining terms, interest rates, and repayment schedule.
  • Funding: Once accepted, Bridgement will disburse the loan funds to your business account.
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