Standard Bank has seen a significant uptake of its new three-minute overdraft facility since it was launched on September 12 2019, with more than R460m issued to small- and medium-sized enterprises (SMEs) in the period leading up to February 16 2020.

This solution has been available online since December 2019, allowing business owners to apply for and receive funds of up to R6m within three minutes. 

Standard Bank is the first commercial bank on the continent to offer this solution, which radically reduces the time it takes for businesses to have their working capital needs met. The model solves one of the main challenges for SMEs by improving access to funding.

Funeka Montjane, CEO of personal and business banking at Standard Bank, said the bank sees large volumes of business overdraft applications at the beginning of the year. It’s a bit of a slow period for SMEs and they require large amounts of cash in the form of loans to keep running and provide quality service.

“While the holiday period brought a boost in revenue for businesses, slowed consumer spending in the beginning of the year brings about revenue challenges for SMEs. With access to funding to cover any shortfall or inventory-related challenges, we are giving clients the power to capitalise on the busiest retail period of the year.

“At Standard Bank, we dedicate time to understanding the needs of our clients and respond with appropriate solutions. It is in our interest to provide the tools to our customers to grow, as it contributes to upward economic momentum and supports our overall business imperative of driving growth on the African continent,” said Montjane.

For more information on how to apply, visit the Standard Bank website. 

This article was paid for by Standard Bank.