What You Need To Be Successful in Your Funding Application

Do you know the difference between good debt and bad debt? Let's talk about it. Good debt has the potential to help you increase your net worth, generate value on an ongoing basis and ultimately enrich your life in the long run. Examples of good debt can be student loans or property loans. Bad debt on the other hand has no ROI (return on investment), examples of this are clothes and other consumables. In the end, you have to determine: will this debt pay me back/ will I see an ROI in the future? Business loans are a great example of good debt. This is because the RIGHT business loan can help grow your business by enabling you to buy an asset like plant and equipment, land, buildings, machinery or stock. We know that many of you are looking for financial assistance or funding, so we have researched to help you find the business loan that fits your business needs.

*** Want to get a Business Loan? Review & Compare 5 of the Top Business Loans HERE (Lulalend, Retail Capital & MORE) ***

In this week's newsletter, Learn how to prepare for financial assistance PLUS what you need to be successful in your funding application. Also in this week’s newsletter:- Enter the Business Banking Awards to Win Grant Support- Get info on the Business Partners Toolkit Business Plan Competition

The following content is sponsored by Standard Bank.

Enter Standard Bank’s Business Banking Awards for A Chance to Win Grant Support Worth R4,5-million

Standard Bank launched its national awards which target South African businesses that are 3 years or older, and require investment and mentoring to accelerate to their next phase of growth. 

Winners of awards will receive support from Standard Bank in the form of banking solutions, trade assistance, market access, transcontinental networking platforms and more, including cash grant support between R500 000 and R2 million totalling R4.5 million in funding across the winning categories. 

Head of Business Clients South Africa, Simone Cooper, said: “With the financing and assistance to be provided, we hope to support and upscale the winning businesses and businesspeople with the resources that they need to navigate their next phase of growth. At Standard Bank, we understand the challenges that face small businesses in their early stages of growth”.

Entries are now open at https://www.standardbank.co.za/businessawards and will run until August 31.

The #1 Reason Why Compliance is CriticalWhen Applying for Funding

When it comes to business funding - did you know that most applicants are unsuccessful because their businesses are not compliant? The heartbreaking reality is that although there were business relief packages available during the COVID-19 pandemic to help businesses in distress – by both the government and financial institutions – a survey revealed that 68% of relief applications have been unsuccessful. To apply for a business loan online, a lender will want to get insight into your company’s financial history, so you will be asked to supply documentation such as: - 3 to 6 months’ bank statements- company registration number or VAT number.- a credit check may be done and/ or you might be asked to get your business assessed, including a review of your cash flow. Here's useful INFO to help you get funding-ready:

• Essentials to Secure Funding for Small Businesses

• Financial Management Tools and Advice for Small Businesses

• Bounce Back from a Bad Credit Record to Secure Funding

******** PLUS: How Business Owners Can Take Care of Their Finances *******

The following content is sponsored by Business/Partners.

Stand a Chance to Win R30,000 to launch Your Business Idea!

Leap and start your own business! Enter the 2021 SME Toolkit-Business/Partners Business Plan Competition & get FREE training, mentorship & a chance to win a cash prize. Aspiring entrepreneurs of all ages are encouraged to enter and by doing so, have access to support offered through online workshops and support groups. Participants will be provided with training material on how to develop a business plan, a marketing strategy, and a cash flow forecast, and will be able to participate in online workshops and group discussions before submitting their business plan. Please note: In compliance with the current COVID-19 lockdown restrictions, the competition process will be facilitated via online platforms. More about the competition here.

What You Can Win: Prizes include vouchers to receive mentorship assistance from leading business experts for finalists, and for the winner, a further mentorship voucher, as well as a cash prize of R30 000.

ALSO READ: Innovation Born in the Cloud - SAP Business ByDesign

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