Business loan

You can now get a business loan of up to R5 million from Telkom. Here’s how to get it

You can now get a business loan of up to R5 million from Telkom. Source: Telcom

  • You can now get a business loan of up to R5 million from Telkom.
  • Companies must have a turnover of R30,000 and have a business history of at least three months.
  • Loans ranging from R20,000 to R5 million are available.
  • For more stories go to www.BusinessInsider.co.za.

You can now get a business loan of up to R5 million from Telkom and get a response on whether you are approved approximately 24 hours after application.

Companies, however, must have a turnover of R30,000 and have a business history of at least three months.

Loans ranging from R20,000 to R5 million are available, which can be repaid over three to twelve months on a daily or weekly basis.

This new financing product from the telecom group is aimed at small businesses looking to expand.

“Business financing by Telkom Lend will ensure that small businesses can scale and grow with rapid financing without having to provide collateral,” says Sibusiso Ngwenya, Managing Director of Telkom Financial Services.

Candidates will need to apply via telkombusiness.co.za/businessloans or call 10217, where their eligibility will be checked against its automated scoring model.

“Money will be released to the account once approved within 24 hours to be used for various purposes including expanding a business, purchasing equipment or renovating premises,” Ngwenya explains.

SMB rush

If the evolution of telecom groups towards financial services is not new, in recent years, they have shown an increased appetite for financing.

The companies that provide the loans can settle them in full without having to pay a penalty for early settlement.

Vodacom also offers loans of up to R5 million through VodaLend Business Advance, which also repays within 24 hours.

For its part, MTN does not offer loans, but has partnered with National Gazelles, an SME support program of the Department of Small Business Development to offer grants of up to R2.5 million.

Telkom began offering financial services in 2020, when it started selling life insurance products.