So, you’ve assessed your options and decided to apply for business funding. You’ve made a wise choice – applying for funding from the right sources can elevate your business to a whole new level, opening the doors to new growth opportunities with access to funding in the millions. But you shouldn’t do it alone.
There’s a wealth of funding out there, but they’re not giving it away for free
One of the greatest obstacles facing many South African SMEs is one that they aren’t aware of – the problem is that they don’t know the full scope of funding opportunities that are available to them. From the DTIC grants and incentives to private equity funding, it takes an expert to fully comprehend just how many different ways there are to transformatively fund your business. We are those experts. Which is why we know that attempting to apply for these funds without the necessary expertise – the kind that can only be accrued through years of working closely with a network of financiers to understand which projects match which funding mandates, the requirements of each funding application, and even how to access that funding after you’ve successfully applied.Feeling sceptical? That’s understandable. But the world of business funding is vast and complex. Without tailoring a strategy for each and every funding opportunity, even the best-laid plans dissolve into wishful thinking. To give you an idea of what the application process entails, here’s a brief overview of what you’ll need to be prepared to do to submit an eligible application.
General business documents to get in order
No matter what kind of funding you’re looking into, you’ll almost definitely need to
prepare a stack of basic business documents, including:
- Company registration documents: this can include proof of registration
with the CIPC, a company registration certificate, share certificates, and a
Memorandum of Incorporation (MOI)
- A business plan: most funding applications of a certain degree require an
extremely detailed business plan which is best constructed with the
assistance of a financial professional with a background in the kind of
funding you are preparing to apply for.
- Business reports: reports on sales figures, business transactions, financial
models, and projections give potential financiers insight into how well the
internal elements of the company are functioning.
- Financial documents: these include income statements, balance sheets,
invoices, cash flow statements, and a general ledger, all of which will be
submitted for review.
- Compliance and regulatory documents: you’ll need proof of compliance
with industry-specific regulations, tax clearance certificates, relevant B-
BBEE compliance, and any legal documents and licenses associated with
your line of work.
That is just a general overview of the scope of documentation required before you can consider beginning to apply for funding from any source. The actual requirements vary significantly according to your chosen source of financing, and the requirements of the individual funds, grants, and incentives supplied by that source. The funding requirements set out by the DTIC, for example, will differ from those of a private equity fund, which will differ from those of a lender.
General requirements for DTIC funding
The minutiae of the funding requirements for each of the DTIC’s grants and incentives is far beyond the scope of this article (though you can read through detailed descriptions on our website). The application requirements for funding from the DTIC are numerous, to say the least. The checklist of application requirements for the Black Industrialist Scheme lists 19 items alone, and knowing what’s needed to be able to tick the box isn’t always clear. The administrative burden of 1) initiating the application process and 2) collating the required application materials, is an enormous burden to undertake alone – especially when your time and energy should be going into running a business. And then there’s the final catch. It’s one thing to have all your data collated neatly for a prospective financier to peruse. But organisational skill alone won’t win you funding. You see, bulletproof funding applications combine sound figures with storytelling techniques. The real skill lies in presenting your business data in such a way that best appeals to the financier in question. Most of the time, business owners and financiers aren’t speaking the same language. Nobody understands your business better than you. But nobody understands how to explain that in a way that unlocks the funding you’re after better than us.
The right partner will take your funding journey further than ever
If you’re serious about applying for transformative business funding, then you’ve likely collated your business data, assembled a strong team, and collected promising business data to present to potential financiers. But the only way to ensure that your application is 100% bulletproof is to partner with a business funding expert. That’s where Uzenzele Holdings comes in. With years of experience and an intimate understanding of the funding mandates of over forty funders, we’re perfectly poised to identify mutually beneficial funding partnerships between South African SMEs and commercial and/or development funders. Our niche expertise means that we can screen and refine application materials for a bulletproof funding application that skilfully weaves facts and figures into a compelling narrative. Why spend months guessing which key is going to unlock your ideal funding opportunity when you could partner with a company that holds the master key?
Speak to Uzenzele Holdings about taking your business to new heights today.