As a Small Business Owner, you’ll know that getting funding for your business is really not easy. Most banks require years of track records (which you don’t have yet) and security in the way of assets.
There are however, alternative forms of funding available for small businesses.
The funding we offer at Xena, for example, is far easier to get access to. This funding is based on your turnover and is paid out as a cash advance on your future turnover. All you need is:
- 6 months business ownership
- A turnover that exceeds R30k for 3 consecutive months
- At least 3 months business bank account statements
The catch? We need to be able to track your turnover so we know how much we can fund you and how much you can pay back per day or week.
Here’s how you can get funding ready:
- Make sure you have a Business Bank account that you keep separate from your personal income & expenditure
- Ensure that all of your income reflects in this business account either by EFT or card swipes etc
- If you don’t have a credit card machine – this is your time to get one. You can get them from as little as R550 through Yoco, Ikhoka or other providers
- If you are an E-commerce business – ensure that you use a payment portal like PayFast to facilitate all of your payments and that your income is reflecting in your business account
The more of your income you record in your bank statements, the easier it will be to get access to fast, flexible unsecured, unrestricted, short term funding.
Apply for network-enabled, data-driven Business Funding for Female Founders via the Xena Community today!
