It depends on the type of funding, the funder, and how quickly the funder gets what it needs from you. A turnover-based cash advance is usually the quicker kind: the SME finance industry code says it "takes less time to process than traditional bank finance". Funding tied to an order, a tender or an asset also means the funder checks the deal itself, such as the order, the award letter or the asset. A development funder is slower again: the National Empowerment Fund's own form says its process takes about 3 to 4 months.
The steps, from enquiry to payout
| Step | What happens |
|---|---|
| 1. You enquire | You tell us what's happening, how you're paid and how much you need. No documents needed. It takes about 2 to 3 minutes |
| 2. Ryan calls you | Ryan Meyer calls you directly. If he can't reach you, he follows up by WhatsApp or email |
| 3. We assess the requirement | Our Capital Readiness Check: trading history, turnover, existing debt, banking conduct, what the money is for |
| 4. We approach a funder | We approach only funders relevant to your requirement |
| 5. The funder decides | The funder runs its own checks and makes an offer, or declines |
| 6. You decide | You see the offer, with the full cost in rand, and choose whether to sign. You take as long as you need |
| 7. Payout | The funder pays the money once the agreement is signed and its conditions are met |
How long steps 4, 5 and 7 take is up to the funder. We won't promise a payout date. The funder decides when it pays, and a date we gave you would be a guess.
What funders publish about their own timings
| Funder | What it says |
|---|---|
| National Empowerment Fund | "Approximately 3 to 4 months" from receiving the application to paying out, by its own application form |
| NYDA grant | Applications are "processed at a branch within 30 working days", by its own grant page. If approved, the NYDA says it pays out within a further 30 working days |
| Yoco Capital | Funds "within 1 to 2 business days" of final approval, by its own help page |
| FNB Cash Advance | "Access funding within one business day", by its own product page |
These are those funders' own words about their own products. They are not our timings, and they only apply to businesses those funders accept.
What slows an application down
- Missing or incomplete documents. A missing month of statements or an unsigned form holds things up until it arrives. See documents.
- Directors who are hard to reach. If every director must sign, the slowest signature sets the pace.
- Something on the credit record nobody mentioned. It comes up anyway, and explaining it late takes longer than explaining it early.
- A deal that depends on someone else. On invoice, purchase order, tender and asset funding, the funder may need to see the invoice, order, award or supplier's paperwork, and some invoice arrangements involve the funder contacting your customer directly.
- Existing debt that must be settled first. See why funding gets declined.
How to make it quicker
Have your last few months of business bank statements and your company documents ready before Ryan calls. Answer his questions straight, including the awkward ones. And if you need the money by a date, say so on the first call, so the route we pick can take it into account.
Next step
Checking your fit takes about 2 to 3 minutes and needs no documents to start. Check your funding fit.
Sources
- sasfa.net: merchant cash advance section 2.2, "The MCA product takes less time to process than traditional bank finance
- stlm.gov.za: OUR APPLICATION PROCESS IS APPROXIMATELY 3 TO 4 MONTHS FROM THE RECEIPT OF THE APPLICATION UP TO DISBURSEMENT STAGE
- nyda.gov.za: The grant applications will be processed at a branch within 30 working days
- support.yoco.help: Once you've received final approval on your cash advance, funds will be in your bank account within 1 to 2 business days
- fnb.co.za: Access funding within one business day