If you’re a business owner looking for a loan in a hurry, you may be interested to hear about the latest claim from Standard Bank, with the financial institution saying that it is the first in the country that is capable of approving a business loan in three minutes.
More specifically a business working capital loan of up to R6 million.
“This new capability currently allows for an application to be received, processed and approved all in the time it takes to listen to the average song,” Standard Bank enthusiastically explained in a press release sent to Hypertext.
“This is a massive leap forward for the bank, as an applicant previously had to wait up to a month for the facility to originate. Not only is this good news for enterprise development but is yet another proof point that Standard Bank is aggressively transforming its overall Business Banking proposition,” it adds.
The timing of this latest offering is quite fortuitous according to the financial institution, with it noting that it is sees the highest number of loan applications in November, adding that many of the loans are aimed at bonuses or year-end expenditure.
“Standard Bank has always and continues to create new innovations for businesses. Africa is our home; we drive her growth and the main way to do that is by growing businesses so that employment and economic activity can grow. But to grow the businesses, we need to help them with their biggest pain point which is to give them working capital when they need it,” adds Funeka Montjane, chief executive for Personal & Business Banking South Africa at Standard Bank.
If the prospect of a rapidly approved business loan sounds tempting, you can contact your nearest Standard Bank branch.