Over R400-m given to businesses since launch of three-minute overdraft

SPONSORED

Standard Bank has seen a significant uptake of its new 3-minute overdraft since the launch of the offering on September 12 2019, with over R460-million issued to small, medium and micro-sized enterprises (SMMEs) in the period leading up to February 16 2020. 

This capability has also been available online since December 2019; it allows business owners to apply for and receive funds of up to R6-million within three minutes, in the comfort of their own space. It’s another example of how Standard Bank is moving South Africa forward.

Standard Bank is the first commercial bank on the continent to offer this solution, which radically reduces the time it takes for businesses to have their working capital needs met. The model solves one of the main challenges for SMMEs by improving access to funding. 

Standard Bank’s 3-minute loan solves one of the main challenges for SMMEs by improving access to funding

Funeka Montjane, chief executive; Personal and Business Banking at Standard Bank, says the bank sees large volumes of business overdraft applications at the beginning of the year. It’s a bit of a slow period for SMMEs and they require large amounts of cash in the form of loans in order to keep running and provide quality service. 

“While the holiday period brought a boost in revenue for businesses, slowed consumer spending in the beginning of the year brings about revenue challenges for SMMEs. With access to funding to cover any shortfall or inventory-related challenges, we are giving clients the power to capitalise on the busiest retail period of the year.”

“At Standard Bank, we dedicate time to understanding the needs of our clients and respond with appropriate solutions. It is in our interest to provide the tools to our customers to grow, as it contributes to upward economic momentum and supports our overall business imperative of driving growth on the African continent,” concludes Montjane. 

For more information on how to apply, please visit: www.standardbank.co.za

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever. But it comes at a cost. Advertisers are cancelling campaigns, and our live events have come to an abrupt halt. Our income has been slashed.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years. We’ve survived thanks to the support of our readers, we will need you to help us get through this.

To help us ensure another 35 future years of fiercely independent journalism, please subscribe.

Advertisting

Meet Doctor Fundile Nyati: South Africa’s own online medical mythbuster

The employee health and wellness specialist is using social media to combat misinformation about Covid-19

Nehawu launches urgent court bid over protective gear for health...

The health workers’ union says the government has rebuffed its attempts to meet about mitigating risks to workers

Stay at home, Cyril said. But what about the homeless?

In Tshwane, forcing homeless people off the street resulted in chaos and the abuse of a vulnerable population. In Durban, a smooth, well-planned operation fared far better

Press Releases

Everyone’s talking about it. Even Kentucky

Earlier this year South African fried chicken fast-food chain, Chicken Licken®, launched a campaign for their wallet-friendly EasyBucks® meals, based on the idea of ‘Everyone’s talking about it.’

New energy mix on the cards

REI4P already has and will continue to yield thousands of employment opportunities

The online value of executive education in a Covid-19 world

Executive education courses further develop the skills of leaders in the workplace

Sisa Ntshona urges everyone to stay home, and consider travelling later

Sisa Ntshona has urged everyone to limit their movements in line with government’s request

SAB Zenzele’s special AGM postponed until further notice

An arrangement has been announced for shareholders and retailers to receive a 77.5% cash payout

20th Edition of the National Teaching Awards

Teachers are seldom recognised but they are indispensable to the country's education system

Awards affirm the vital work that teachers do

Government is committed to empowering South Africa’s teachers with skills, knowledge and techniques for a changing world