BizFlex gives a R6.5 billion boost to SA businesses
Looking to take your business to the next level? Look no further than Standard Bank’s BizFlex short-term loan facility. With over R6.5 billion distributed to more than 11 000 South African businesses in just 5 years, BizFlex has established itself as a game-changer in the lending market.
What is BizFlex?
Designed to adapt to your business’s financial circumstances, BizFlex is a business loan facility that offers a unique ‘pay as you earn’ repayment structure, providing unparalleled flexibility compared to traditional monthly instalment loans. This innovative short-term loan solution lets businesses tie their loan repayments to the revenue they earn. That’s a lot more flexibility compared to the monthly payment plans of conventional loans.
Keldon Moodley, Head of BizFlex at Standard Bank, explains that when we first developed BizFlex, the aim was to create a short-term loan facility that would enable businesses to grab onto growth opportunities while effectively navigating the challenges of being a business owner. The goal was to make loans more accessible and transparent while eliminating the usual hassles such as lengthy approval processes and rigid repayment plans. This has led to many South African businesses reaping the benefits of easier loan access and flexibility.
This is how BizFlex works
Simply put, BizFlex offers a unique repayment structure that benefits your business. You select the percentage of your revenue that goes towards business loan repayments. This flexibility ensures that your repayments are in line with your cash flow. Additionally, the total cost of lending is provided upfront, giving you complete clarity on the costs involved. This way, you can make informed decisions about borrowing and avoid any surprises down the line.
How to apply for a BizFlex loan
BizFlex has the added benefit of a paperless end-to-end process. This allows you to take-up your pre-approved loan through your Standard Bank Business Current Account’s online banking platform or contact your banker for assistance. You can then select the percentage of your daily revenue that you want to allocate towards repayments. Once all directors have digitally signed, the funds are deposited into your business's account within minutes. Simple credit checks are required for loans higher than your initial pre-approved amount.
The BizFlex benefits for your business
According to Moodley, the bulk of the 32 000 BizFlex loans issued so far have been taken up by retail, wholesale, manufacturing and construction clients. BizFlex is ideal if you want to seize growth opportunities including bulk stock purchases, taking on more projects, renovation and refurbishment. With costs locked in and repayments linked to revenue, it’s no wonder BizFlex has gained such popularity.
Moodley concludes that as Africa’s leading business bank, we understand that having access to flexible finance can make all the difference in today’s economy. That’s why BizFlex is the ideal solution if you are looking to take advantage of opportunities that will enhance revenue and drive business growth.
Find out more about BizFlex at https://www.standardbank.co.za/bizflexloan
Visit the BizFlex: Flexible short-term business loan page to apply, or reach out to your business banker about solutions specific to your needs.
Disclaimer: This article is solely intended for information. It does not constitute financial, tax or investment advice or recommendation. Please speak to a financial advisor or registered financial professional before making any financial decision(s).
Standard Bank, its subsidiaries or holding company, or any subsidiary of the holding company and all of its subsidiaries make no warranties or representations (implied or otherwise) as to the accuracy, completeness or fitness for purpose of the information provided in this article or that it is free from errors or omissions.