Where and how to apply for funding is one of the hardest challenges facing the SMMEs.
EICT works with financial institutions to provide holistic financing solutions to SMMEs in various sectors.
The following types of loan can be accessed by qualifying enterprises for cash-flow management, business acquisition/expansion or asset acquisition at attractive rates and repayment periods;
Short-term loan to finance working capital by providing immediate cash flow. This facility is only provided to businesses that have secured firm contracts (orders) from their clients.
For SMEs looking to expand into new markets.
For SMEs looking for finance to acquire assets (e.g. machinery, fixtures and fittings, vehicles, office equipment). Equipment can be purchased outright for cash or alternatively financed. Equipment finance offers different options to purchase or acquire the right to use the equipment and generally uses the equipment as collateral.
Unsecured Term Loan
An unsecured term loan is a business loan granted where the loan is supported by the borrower’s creditworthiness rather than any collateral or security. This means that the cash flow and profitability of your business will be a very important part of the lender’s credit rating decision. Because there is no security, the risk is higher and so the interest rates charged by the lender are normally higher. Unsecured loans are normally short term loans ranging from 3 months to 3 years.