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No Collateral? Don’t stress, you might still qualify for finance

Article provided by FinFind

Many lenders demand that small businesses provide security for the loan they require – this is called collateral.  Collateral may be in the form of money, or a well-off family member who is prepared to guarantee the repayment, or a valuable asset (such as a house) that can be sold in the event that the business cannot repay the loan. Either way, the lender wants to know that they will not lose money if your business cannot afford the loan repayments. If you need more information on collateral and how it works, visit the Finfind – access to finance website.

Collateral is a huge challenge for small businesses and most are unable to raise finance for their business simply due to a lack of collateral. Fortunately a few lenders recognise that this is a problem and have designed solutions to solve this. There are three lenders who will help you raise business finance without the need for costly collateral. Each of these lenders have their own way of helping you, sometimes by partnering with selected banks and providing guarantees for a portion of the collateral and other times by lending directly to you.

To read about how one of these special funds works, visit Finfind to find out if you meet the criteria to secure a business loan, go to www.finfindeasy.co.za and answer the simple questions. The system uses your answers to quickly identify which lenders might work with you.

FinFind is a proud Partner of the NSBC.