FundingHub

Funding Hub is a South African company dedicated to providing fast and affordable business financing to small and medium-sized enterprises (SMEs).

The company's mission is to help SMEs in Southern Africa grow by providing them with better access to funding. Funding Hub believes that small businesses are the lifeblood of the South African economy and that every small business deserves the chance to grow and prosper.

Funding Hub’s three-pronged approach to empowering small business growth

To achieve its mission, Funding Hub uses a three-pronged approach that includes knowledge, technology, and distribution. The company believes that business owners need to have a clear understanding of the financing options available to them, so they provide the tools and information to help them make the right choices.

Funding Hub also uses technology to make the financing process more efficient and inclusive, enabling more businesses to access funding. Finally, the company distributes its services through a range of diverse channels to ensure it reaches the people who need them most.

Meet the team and values of Funding Hub: Committed to empowering small businesses

Funding Hub is made up of a team of experienced professionals, including business analysts, marketers, and technology experts, all committed to the company's mission.

The company believes in transparency, open communication, and shared value as the foundation for building long and prosperous partnerships. Funding Hub invites those who share its passion and energy to join its team or partner with the company.

Building better financial technology ecosystems for access and inclusivity with Finch Technologies

Finch Technologies is a fintech firm that aims to enhance the financial technology ecosystem in Africa by utilizing adaptable, scalable, and modular technology to bridge the gap between companies and their customers.

Their objective is to foster financial inclusivity and promote healthy financial practices in the digital age by developing products that benefit the entire ecosystem. Two friends, Mike and Chris, established the company in 2016 to assist South Africans in making better financial decisions.

Their initial product, Fincheck, is South Africa's first independent financial services marketplace, and they have expanded their business to include other products such as Funding Hub, a business finance marketplace. The company relocated from Mike's house to an official office in 2018, signifying a significant growth milestone.

In 2020, they purchased Funding Hub, South Africa's most extensive business finance marketplace, through a management buyout. Recently, Finch Technologies created Gathr, a digital onboarding solution that streamlines the application process, and BetterScore, a unique scoring tool that was previously part of the Fincheck marketplace. With over 72 business clients and more than 2 million transactions processed to date, the company has an impressive team.

Unsecured loans allow businesses to access funding without the need for collateral or security.

This is different from traditional bank loans, which often require fixed assets as security.
Unsecured loans make use of data to make credit decisions, which allows for faster application processing times. They also offer improved access to finance for smaller businesses that might not have been able to access funding otherwise.

Unsecured loan qualification and repayment terms at Funding Hub

To qualify for an unsecured loan through Funding Hub, businesses generally need a trading history of at least 12 months and average monthly revenue of around R60k or more.

The repayment terms for unsecured loans are generally short-term, ranging from 3 to 24 months. Repayment amounts consist of both capital repayment (the amount loaned) and interest/fee repayment (the cost charged by the lender). Repayment terms are flexible, and lenders typically incentivize early payments with discounts.

Understanding the costs and repayment terms of unsecured loans for businesses

The costs of unsecured loans can range from 1% to 6% per month, equating to an annual percentage rate (APR) of 12% to 72%.

A typical unsecured loan repayment schedule involves fixed repayment amounts over a set period, with repayment amounts consisting of capital repayment and interest/fee repayment. Overall, unsecured loans can be a useful option for businesses looking to unlock growth or working capital without needing collateral or security.