Financing Growth: Overcoming SME Challenges with BizFlex
An innovative way for floushing businesses to access the capital they need to expand, increase profitability, and achieve long-term growth.
The phrases ‘easy access to cash’ and ‘small-to-medium-sized enterprises (SMEs)’ are not often found in the same sentence.
In fact, SMEs tend to face significant hurdles when it comes to securing financing to accelerate growth. Various factors can make it difficult for these companies to access the funding they need to expand their operations and bridge cash flow needs.
Difficulties in raising capital can slow business growth and limit opportunities. In contrast, alternative financing options like Standard Bank's unsecured BizFlex loan can solve these challenges.
Catering Shop Online: A BizFlex Case Study
Catering Shop Online was no stranger to the challenges of applying for traditional bank loans.
“When I started, I did approach a few banks to get finance and believe me, it was very difficult,” explains Asiem Alli, the founder and CEO of the catering equipment retail business located in Centurion, Tshwane.
Like many businesses, Catering Shop Online, was constrained by the need for significant cash investments for inventory.
Importing goods from Turkey, China, and India required upfront payments to suppliers and logistics companies, and these costs – coupled with difficulties securing traditional bank loans – limited their ability to expand.
The business was able to overcome these challenges using Standard Bank’s BizFlex unsecured loan.
“With BizFlex, we’ve never had that problem. It was so simple. At the touch of a button, the money is in your account,” says Alli.
“I’ve grown my business by over 400%. From ten employees, I now have 30 employees. I had two warehouses; I now have six warehouses. I had two delivery vehicles; I’m now sitting with six delivery vehicles. BizFlex is so simple and easy. It’s the best way of getting money quickly and hassle-free. If it wasn’t for BizFlex, I wouldn’t be where I am today,” Alli concludes.
BizFlex: A Flexible Financing Solution for SMEs
BizFlex is a flexible, unsecured loan built with SMEs in mind. This innovative product offers several advantages for businesses seeking to invest in growth, access working capital, and manage seasonality.
- Quick approval process: Qualifying SMEs can take up the BizFlex loan online and receive the funds within hours of completing the digital signing, providing speedy access to capital.
- Unsecured financing: BizFlex does not require collateral, making it accessible to more businesses.
- Pay-as-you-earn flexibility: The loan's repayment structure is directly linked to a percentage of total revenue selected by the business and earned via their Business Current Account. This ensures repayments match the company’s cash flow cycles.
- Access top-ups: The automated top-up feature allows qualifying businesses to access additional funds upon approval, providing flexibility and convenience.
- Fixed and transparent cost structure: BizFlex provides cost transparency with a fixed ‘all-in’ cost, which is quoted upfront and does not vary, irrespective of the time taken to repay your loan and no additional monthly fees.*
Watch the Case Study Video
Watch this video to see how BizFlex enabled Catering Shop Online to expand its operations, improve its inventory management, and diversify its business model.
Interested in Learning More?
For more information on BizFlex, contact your Relationship Manager, click here, or email us at bizflex@standardbank.co.za.
*Ts&Cs apply.