Standard Bank has seen significant uptake of its new 3-minute loan since the launch of the offering on September 12, with over R300 million worth of loans issued to small- and medium-sized enterprises (SMEs) in the period leading to 9 December 2019.
As a result of this success, Standard Bank is proud to announce the extension of this capability online since 3 December 2019.
This allows business owners to apply for and receive funds of up to R6 million within three minutes in the comfort of their space. This is another example of how Standard Bank is moving South Africa forward.
Standard Bank is the first commercial bank on the continent to offer this solution, which radically reduces the time it takes for businesses to have their working capital needs met.
The model solves one of the main challenges for SMEs by improving access to funding.
Funeka Montjane, CEO of Personal and Business Banking at Standard Bank, says the bank sees large volumes of business loan applications throughout the year but more so ahead of and during the festive season, when SMEs require large amounts of cash in the form of loans in order to keep running and provide quality service.
“While the holiday period brings a boost in revenue for businesses, managing higher volumes of customers and sales can leave businesses falling short on inventory and cash flow. With access to funding to cover any shortfall or inventory-related challenges, we are giving clients the power to capitalize on the busiest retail period of the year.”
Despite the tough economic climate, South Africans made transactions to the value of R59 billion during the 2018 festive season at grocery stores, service stations and restaurants – a 15% increase on the previous year’s R51 billion.
Research also shows that consumers expect to expand their festive budgets in 2019.
“At Standard Bank, we dedicate time to understanding the needs of our clients and respond with appropriate solutions. It is in our interest to provide the tools to our customers to grow as it contributes to upward economic momentum and supports our overall business imperative of driving growth on the African continent” concludes Funeka Montjane.
For more information on how to apply, please visit: https://www.standardbank.co.za/southafrica/business
This article was published in partnership with Standard Bank Business.