Access to funding is still a major concern for local SMEs and Vodacom Business has launched a new product tailored at addressing that concern.

VodaLend Business Advance offers up funding ranging from R10 000 to R1.5 million repayable over six to 12 months. Of course in order to qualify a business will have to be registered and operational for at least 12 months. Revenue will also need to clock in at R500 000 plus and of course your credit standing must be good.

The VodaLend application process is completely digital according to Vodacom Business and applications will take less than 10 minutes to complete.

“Small and medium-sized businesses are the backbone of South Africa’s economy and contribute significantly to employment in the country as well as the gross domestic product which is why ensuring their growth and success is vitally important,” chief officer of financial services at Vodacom, Mariam Cassim said in a statement.

Vodacom Business says that SMEs will also receive Business Legal Assist at no further cost should they qualify for funding. This service will allow business owners to field legal questions for the duration of the funding term.

“Vodacom Financial Services intends to go beyond just providing funding and is looking to be a partner in growth for SMEs. With the trust we have built as a leading telco, we want to ensure financial inclusion for all within the financial services space and will continue to deliver best-in-class services and products,” says Cassim.

For more information head to the Vodacom Business website.