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Solving the challenge to access finance

Article povided by FinFind

Cash flow is the lifeblood of a small business, yet finding finance to sustain and grow your business can be a daunting task.  In a recent World Wide Worx study SMEs cited lack of access to funding as one of the top three stumbling blocks to growing their businesses.

Despite this there are over 200 lenders in South Africa that have money to lend to small businesses and they say that they cannot find SMEs to lend the money to.

What lenders are saying

The most common challenges are:

  1. SMEs apply for finance but don’t submit all the required documents. Following up to try and get the documents is a time-consuming and costly business for lenders.
  2. Lenders waste a lot of time wading through applications that are not suitable because SMEs don’t understand how small business finance works and what is required of them

What SMEs say

For small businesses the common challenges are:

  1. They don’t know which institutions can help them other than banks or government funds.
  2. They become overwhelmed by the documents they have to submit and many have not put good record keeping processes in place which means they battle to supply the required information. 

Finally, there is a simple solution to help SMEs to access the finance they need

Finfind is a free service to SMEs to help them access finance. Finfind solves the lender and SME’s problems mentioned above and many more. Finfind has a comprehensive database of lenders (including banks, government agencies, and private lenders).  All you have to do is answer key questions: Finfind then uses your answers to filter its database to identify which funding institutions match your needs.  You’ll be shown a list of suitable lenders and clicking on a specific lender opens a window that displays a summary of the fund, its eligibility requirements, what documentation is required, the application process and the contact details of the lender.  Finfind also has a useful Learn About Finance section that explains how the different types of funding products work and what lenders expect of them. The Need Assistance section can also link you to a certified professional who can help you become finance ready. Go to www.finfindeasy.co.za – it’s free for small businesses and will fast track the process of finding finance for your business.

FinFind is a proud Partner of the NSBC.