How Start-Up Bright On Capital Is Saving South African Small Businesses. If a business is an emerging business with less than 5 years of trading history, getting a loan is almost impossible as bank have unrealistic criteria for approving business loans. Many small businesses have been forced to shut down due to not getting approved for a business loan by banks, this start up provides a solution that small businesses can utilize to scale their businesses.
Bright On Capital is a black owned online lender that provides affordable working capital solutions of up to R1 million to small and emerging businesses with sustainable growth prospects. It was co-founded in 2014 by Koena Headbush and Tsepo Headbush. Bright On Capital gives small businesses owners the confidence to pursue bigger orders, explore bigger opportunities and to grow their businesses.
Unlike traditional banks, this company provides an innovative approach to small business lending by focusing on understanding a small business’ products & services, operating capacity & capabilities and cash flows to determine an appropriate funding solution that best reflects the business’ position and funding needs.
The minimum loan criteria is that the business has generated more than R500 000 in revenue over the past 12 months, it has at least 12 months of trading history and has a track record of supplying goods and services to medium and large corporate or other public sector entities.
Bright On Capital is an authorized financial services provider and registered credit provider. The company allows clients to transact online 24 hours a day with no paperwork required, it is also quick as loans can be approved in less than 48 hours. It also prides itself in being a transparent company that has no hidden fees as it allows all selected debtor payments to be paid into the client’s clearing account, which has 24/7 online access to view its clearing account transactions. The company provides an affordable service as the interest rates are calculated to suit the client’s business circumstances. It has partnered with companies such as African Bank, RMI and Glencore to give its clients the best service.