the latest telecommunications operator to muscle into the banks’ traditional area of expertise, this time offering loans to small businesses.Telkom Lend offers an end-to-end digital process with zero paperwork, promising an answer to applicants in a fraction of the time it takes banks to provide loans to small businesses, it said.
Funding ranges from R20 000 to R5-million, depending on monthly turnover. Funding can be paid back over three to 12 months on a daily or weekly basis, depending on business cash flow, said Telkom Financial Services managing executive Sibusiso Ngwenya in a statement. “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.”
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Telkom is now in the lending businessTelkom Business has launched Telkom Lend, a platform that enables small businesses to apply online for funding and get an answer within 24 hours.
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