The set time is ten working days, but Sefa is currently averaging about 20 – 26 working days on abridged loans for a number of reasons.
If you’re running a business and feel like it’s a bit stuck, this article could help you get going. You will get information about Sefa Loans: who can apply for them, what requirements are needed, what type of loans are offered, and more!
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Even if it is a bridging loan they still have to assess the validity of the debt, the validity of contracts, legitimate tax certificate and registration number which are looked into by auditors to eliminate fictitious contracts and invoices by some clients, to ensure sustainability. With regards to term loans, the set turn-around time is 30 working days, however, they are not met, so it is often about 36 – 40 working days on average.
How Long Does Sefa Take to Approve a Loan
This is due to the nature of the businesses that Sefa funds as they have high risks, so a thorough exercise needs to be done because in most cases it is the business profile that drags out the turn-around times.
Basically, there is so much more that goes into assessing businesses before granting them loans, and in most cases, applications are not rejected they are referred back, especially in cases where some clients submit incomplete documentation, so the process drags which consequently affects the turn-around times. On wholesale transactions, the turn-around times is 50 working days. Usually, these types of transactions are concluded with big and well-established companies and the turn-around times are within the set target of 50 working days.
Does Sefa give grants?
How Long Does It Take to Get a Business Loan in South Africa?
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