Telkom Business has announced a new platform that will be of interest to local SMEs and small businesses called Telkom Lend.

The platform will allow SMEs to apply online for funding/loans and get an answer within 24 hours. It is described as an end-to-end digital process with no paperwork, no long queues and no waiting for a response from a financial institution.

“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,” highlighted Sibusiso Ngwenya (pictured above), managing executive for Telkom Financial Services.

“This also means that businesses take control of their payments. With funding offers ranging from R20 000 to R5 million depending on monthly turnover, funding can be paid back over three to twelve months on a daily or weekly basis, depending on the business cash flow,” he added in a press release sent to Hypertext.

The company adds that applications are checked for eligibility with Telkom’s proprietary automated scoring model.

Those wanting to apply need to meet some minimum criteria though, with Telkom Business starting that SMEs/SMBs applying for funding must have been in operation for at least six months with a monthly turnover of at least R30 000, along with having a trade history of at least three months.

Another nice feature is that a business does not pay a penalty should it settle the outstanding balance early, as it will instead qualify for a discount.

“Money will be paid into the account once approved within 24 hours to use for various needs including expanding a business, purchasing equipment or renovating premises,” Ngwenya confirmed.

“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,” he concluded.