The economy is tough and very unpredictable at times. This makes the need for funds for any business a necessity. Running a business is no walk in the park and to make sure that it keeps running, money should not be an issue combined with other factors that come into play. A business should be able to have accessible funds at all times because at the end of the month employees need their salaries; and the landlord will come for his rent too.
FNB offers loans to businesses that might find themselves in a critical scenario where funds are needed urgently. Their ideal short to medium term loans are tailored for unique circumstances with a minimum of R2 000 and a maximum of R400 000. The funds can be used to finance working capital or to fulfil long term investment needs. Repayments can be made in a period of three months to five years.
Amortising capital balance means that clients pay less interest over time which is fixed for the period of the loan, allowing for clients to plan and budget accordingly. For the clients’ convenience, automatic payments by debit order are made from the clients’ business account. Clients will need to provide security for loans over R400 000.
For business finance less than R400 000 clients may not be required to submit supporting documents or collateral. Businesses applying for finance over R400 000 must submit a business finance application form, signed financial information and projections. Six months’ bank statements and a business plan demonstrating the viability and sustainability of the business will be required by non-FNB business account holders. A business account must be opened upon success of the application.
To apply for an FNB business loan clients can apply by visiting their nearest FNB branch, calling 087 575 9479 or by visiting www.fnb.co.za and applying online or filling in the call-me-back form.