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Genfin offers the Hospitality Industry a real alternative to bank funding and point-of-sale cash advances.

PARTNER CONTENT

The increasing difficulty in securing funding

Most businesses in the hospitality industry reach a point where they need to invest in their operation to reach greater heights, whether it is buying new equipment, a large stock purchase or that eye-catching renovation.

Securing finance is rarely a core strength for small businesses. Understandably, their strength lies in their passion for hospitality, fine dining or creative flair.

To complicate matters, getting access to funding when it is needed has become increasingly difficult.  With the increased regulation of banks, funding has become cumbersome, time consuming and ultimately unobtainable.  At the same time point-of-sale and other alternative lenders often lack credibility, offer over-standardised products and are too expensive.

Internationally however, small businesses have thrived with access to funding through growing so-called FinTech lenders which funded US$ 13bn in 2015 alone. This trend has the potential to become a game changer for local businesses.

The Genfin solution for your business

In line with the global trend Genfin identified a need for a modern and professional alternative to the existing lending options currently available to businesses in South Africa.

Genfin offers funding from R100k to R5m with flexible repayment terms between 1 and 12 months. Repayments can be made either weekly or monthly to better assist managing your working capital and cash flow.  They commit to an uncomplicated application process with a decision made within one week and evaluate your cash flow history and not sureties to make this decision.  They will also consider outstanding invoices or large contracts to supplement your cash flow history.

With a focus on speed and simplicity, loan applicants need to complete just one, uncomplicated online short-form followed by submitting their bank statements and management accounts to Genfin. Upon approval funds are transferred to your business account.

Compared to other alternative lenders, Genfin offers their funding at reasonable rates. A standard 6-month unsecured loan will incur a maximum 20% once-off and all-inclusive interest charge on the loan amount.  Therefore, if you require R200,000 for new equipment, your total repayment amount will be R240,000.  For shorter term loans, interest charges can be as low as 5%.

In order to qualify, businesses have to be in operation for at least a year with an annual turnover of R1m.

In summary

A trusted business with a proven management team with a 15-year track record, Genfin has been lending to Australian businesses since 2010 before expanding their footprint into South Africa.

Genfin is not a bank and look at your businesses as owners, not bankers. They evaluate the important business metrics to tailor a funding solution with a term and price that matches your businesses’ needs with pay-out in time, making them the right funding partner for your growing business.

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