Telkom Business has announced the introduction of Telkom Lend, a platform that will enable small businesses to seek money online and receive a response within one day.
- Telkom Business has announced the introduction of Telkom Lend. This platform will enable small businesses to seek money online and receive a response within one-day
- companies are now in charge of their own payments. With funding offers ranging from US$1,175 ( R20,000) to US$ 293,834 (R5 million ) based on monthly revenue, the money can be paid back over three to twelve months on a daily or weekly basis
- The eligibility of applications is determined using Telkom’s proprietary automated scoring mechanism. This saves time and allows entrepreneurs to focus on their enterprises
- Applicants seeking funding must have been in business for at least six months, have a monthly revenue of at least US$1,763 (R30,000), and have at least three months of trading history
Because the entire process is conducted online, there is no need for physical documents, lengthy lines, or waiting for an answer from a financial institution.
According to Sibusiso Ngwenya, the Managing Executive of Telkom Financial Services,
“With business lending from Telkom Lend, we will ensure that small businesses can scale and flourish with quick funding without the need for putting up any collateral.”
“Additionally, companies are now in charge of their own payments. With funding offers ranging from R20,000 to R5 million based on monthly revenue, the money can be paid back over the three to twelve months on a daily or weekly basis, conditioned on the company’s level of available cash, “he elucidates for us.
Telkom’s automated scoring methodology is used to determine whether applications meet the eligibility requirements.
It saves time and enables business owners to concentrate on running their companies rather than filling out paperwork or waiting in lines, further solidifying Telkom Financial Services’ position as a disruptor in the financial technology industry.
According to Ngwenya, the processing of the application is not the only thing that happens swiftly. After the application for the loan has been examined and approved, money will be sent into the account within twenty-four hours. This money can be used for various purposes, such as growing a business, buying new equipment, or remodelling existing space.
A further advantage is that a company does not have to pay the penalty to clear the outstanding balance earlier; rather, it will be eligible for a reduction in this case.
To be eligible for funding, a business must have been in business for at least three months, have a trade history of at least three months, and have a monthly turnover of at least US$1,763 (R30,000). Any company can submit an application; the only requirement is to have a working relationship with Telkom Business.
“The process of reviewing the creditworthiness of firms and obtaining capital is sped up with the help of data. According to Ngwenya, “the combination of technology and data analytics not only enables firms to obtain capital, but it is also a driving force for financial inclusion and a supporter of economic progress.”
The economist praises the concept.
According to independent economist Dawie Roodt, who spoke to Moneyweb about this innovative finance alternative, it may provide struggling small businesses with much-needed breathing room following the Covid-19 economic collapse and give them a fighting chance that could contribute to the resuscitation of the economy.
Telkom Business is the company’s division that caters to the needs of companies ranging in nature, sector, and size within and beyond the borders of South Africa. We work with all sizes of businesses, from small and medium enterprises (SMEs) to large corporations, government organisations, and international firms.
Telkom Business, a subsidiary brand of the Telkom Group, has its headquarters in Centurion in the province of Gauteng.
Telkom Business, positioned to dominate the South African industry in telecommunications and information and communication technology, provides capability solutions that span the entire spectrum of technology.
The realm of Convergence at Telkom Business is where information technology and telecommunications come together in a way that is both smooth and synergistic, and it may be beneficial to businesses of any size.
“There are many enterprises that could be preserved as a result of this, and there are many potentially successful entrepreneurs who need a couple of thousand bucks to restart or develop a new business, and there will be some successes,” he says. “There will be some successes.”
There is unquestionably a bright side to this, and I believe it will benefit the economy in the long run.