The government wants to grow the base of small businesses and, in particular, make sure that the demographics of business owners reflects the demographics of the country. It has therefore set up government lending agencies such as the National Empowerment Fund (NEF) to assist previously disadvantaged people to access finance so that they can participate in formal business. The more well known the franchise, the easier it will be to raise the funds.
However, like banks and other lending agencies, the government lending agencies have to be self-sustaining, so you have to meet all of their requirements in order to be approved for a loan. Their aim is to lessen their risk as they have to be sure the loan will be repaid even if the business fails. An added advantage of working with government lending agencies is that many of them assign mentors to work with the companies they fund.
Small Enterprise Finance Agency (SEFA), another government agency, is mandated to finance small businesses and in many cases is prepared to consider funding for applicants that have been turned down by formal lenders such as banks.
Finfind provides its services free of charge to businesses seeking finance. Our primary purpose is to link SMEs with all the relevant finance providers and finance products that match their funding needs. As a matching service we are not required to be a registered finance provider as we do not loan money directly.