GENFIN

GENFIN is part of the Genfin Holdings Group which operates in SA and the UK.  GENFIN offers business loans of up to R5 million and they pride themselves in having a quicker approval process than most traditional lending companies. 

The company states that it understands the challenges that SMEs face and want to transform the lending industry. They promise to change the way business owners access finance through the introduction of smarter and faster lending solutions.

Business owners can submit their applications online, including providing their supporting documents. What sets GENFIN is it also gives business owners a consultant to work with to help them with their application process? They boast a 50% repeat customer rate.

• Qualifying criteria – They take several factors into account when structuring each funding solution. The three main categories that determine the overall score are, your business stability, financial metrics and credit history. 
• Minimum requirements are:
  – Business must be a registered entity (CC or Pty)
  – Trading history of more than one year
  – Currently have an annual turnover of over R1 000 000

• Repayment Terms – The repayment period for their loans start from six months up to 12 months. According to GENFIN, this is to help keep instalments as low as possible. However, it is possible to structure your loan over a shorter period or increase your instalment to reduce your interest charge and the repayment period. Business owners can also refinance your facility once 50% of your capital is repaid. Repayments are done on a weekly or monthly via debit order.
• Application process – You can either apply online or submit your applications over the phone with the help of a consultant.  Once your application is complete you requested to submit the most recent 12-month bank statements for your business. Depending on the loan value, they may also require:
  – Latest management accounts
  – Latest annual financial statements
  – SARS statement of account (VAT & PAYE as applicable)Once approved and your loan agreement has been signed, pay-out into your bank can be done that same day.

GENFIN charges interest on the outstanding balance of the loan over the life of the loan. There are no initiation, paperwork or administration fees. They have an online calculator where you can see the cost and repayment terms of your required loan amount.