Banking and Funding For Small Business

BANKING AND FUNDING For Small Business Whether you’re an entrepreneur with a great idea just starting out, or have been running a small business for years; banking is simply the backbone of your business — the support you need to survive, succeed and grow. offers valuable information regarding the planning, start-up, running and expansion of a small business. It guides you through the various aspects which need to be addressed in the business plan, and provides useful information on legal aspects, realistic targeting, management techniques, basic lending criteria, types of finance; franchising

Running a small business and merchandising. certainly has its challenges but managing your everyday With Small Business Money Manager by banking needs shouldn’t Nedbank, business owners can track their be one of them. Here we highlight finances and manage their cash flow. some of the best small business Small Business Money Manager analyses banking products on offer. your bank statements and presents the business owner with an overview of their Small Business Banker, brought to you by Absa, offers you all the usual things you’d expect from a bank such as a business debit card, cheque book, online banking and a range of savings and borrowing services. You’ll also have direct communication with a finances in a simple and user-friendly format. Money Manager allows you to: sort and view transactions; track income and expenditure, manage your cash flow with the cash flow tool, customise budgets and create graphs. It also helps to create personalised financial records and calculate your loan repayment, Small Business Banker who allowing you to see what you would is dedicated to helping you save if you were to pay a little extra grow your business. The each month and also explains how Small Business package to secure a loan to start or grow your also combines an Absa existing business. Small Business Current Account with expert Khula is the small business financial advice, seminars, agency of government that is located networking opportunities, within the Department of Trade and business software and Industry (DTI). Its sole responsibility is training courses. to offer small businesses, which don’t have assets for collateral, a credit Absa also offers aspiring guarantee scheme.black entrepreneurs, who may not qualify for a normal The scheme is an indemnity to banks in bank credit, a loan through its the event that the business fails to repay Small and Medium Enterprise the loan. At least 50%, up to 90%, of Fund or Khula Guarantee Loan. the bank loan can be indemnified under Standard Bank has produced a package to assist entrepreneurs who are planning to start a the Khula scheme. The maximum amount that can be loaned under the scheme is R3 million. business or wish to expand their current operations. The package provides the necessary information and guidance to enable you to apply for finance In order to qualify for Khula loan, you will need to contribute at least 10 % of the amount you would want to borrow to your business. This contribution can and draw up a business plan. Their either be cash or equipment that will be package consists of: a Business of used in the business. Your Own booklet; a business plan and loan application booklet as Applications can be made through any well as Cash Flow Analysis software commercial bank or financial institutions and a user manual. participating in the programme but applicants must meet the criteria, which The Business of Your Own booklet differs slightly from bank to bank.