Telkom Lend

“Business funding from Telkom Lend will ensure that small businesses are able to scale and grow with fast funding without the need to put up any collateral,” says Sibusiso Ngwenya, managing executive, Telkom Financial Services.

Telkom Lend is offering small businesses an opportunity to access loan without a collateral in order to scale and grow their businesses. Based on the entity monthly turnover, they can apply for loan ranging from R200,000 to R5m ( 11,753 usd to 293,834 usd) with pay back period spreed from three weeks to twelve months payable daily or weekly based on the entity cash flow. The application and approval of the loan is expected to occur within a 24 hours window.

Using Telkom’s proprietary automated scoring model, the loan application processing is done seamlessly, without imposing a lot of paper work burden on the applicants so that they can use the time to focus on running their businesses.This fast turnaround in loan processing is critical for these businesses since it open the path to capital and responsible to immediate opportunities, instead of waiting for weeks or months for an old-style bank loan to potentially be approved.

Another benefit is that a business does not pay a penalty to settle the outstanding balance earlier, as it will instead qualify for a discount.Businesses that apply for funding must have been in operation for at least six months with a monthly turnover of at least R30,000 (1,763 USD) and have a trade history of at least three months. “Data is used to review the creditworthiness of businesses and speed up the funding process. The combination of technology and data analytics not only provides funding for businesses but is also driving financial inclusion while supporting economic growth,” according to Sibusiso Ngwenya, managing executive, Telkom Financial Services.Ngwenya.

TelkomLend forms part of Telkom Financial Services and it uses intelligent algorithms to assess businesses and business owners holistically and therefore are able to provide quick, easy and affordable capital to assist SMEs in South Africa.

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