If your business hits a temporary cash flow problem or you need emergency funding to take advantage of an exciting business opportunity, you may need to raise funding fast.
With lamna, this has just become easier. We offer businesses instant access to short-term finance, through different types of secured loans.
No-fuss business funding within 24 hours
The loans we provide are asset-based loans, which use your existing assets – or assets you’re due to receive, such as a settlement on the sale of a property – as collateral.
Because your assets secure a loan, we have no need for time-consuming background and credit checks, or lengthy approval processes.
Once your business or privately owned asset has been independently appraised and you’ve accepted a loan offer in writing, funds are electronically transferred into your business account. This may be on the same day you apply for a loan.
Advantages of short-term business loans from lamna
If you’re wondering how to get a business loan in South Africa, it may be worth considering the advantages of our asset-based loans:
- instant access to funds
- flexible repayment terms
- no influence on your or your business’s credit rating
- interest rates that comply with the National Credit Act
- no risk to your other business or personal assets.
Three types of secured short-term business loans
At lamna, we offer three types of asset-based loans suitable for South African businesses.
Property loans for SA businesses
If your business has property that isn’t mortgaged as a fixed asset, you can borrow money against it. We’ll assess the value of the property based on the erf details, and make an offer via email or on the phone.
If you’re happy with the offer and loan terms, we’ll need to formalise the agreement in writing. We’ll need to ask you to come in to a lamna branch and to provide company registration documents and recent bank statements. Then we’ll transfer the loan amount via ETF to your account.
Moveable asset loans for businesses
If you have a moveable asset of value, such as a company vehicle or a personally owned item of value – such as a valuable item of jewellery, artwork or antique – you can use it to secure a loan for your business of up to R250 000.
To secure this type of loan, call the nearest lamna branch or complete the loans applications online, providing relevant details about your asset. You’ll be offered an initial loan amount, which you can accept or reject.
You’ll then have to bring your vehicle or other asset in to be independently appraised, and we’ll finalise an offer.
If you accept, we’ll complete the paperwork and transfer the funds to your account straight away, and retain your asset as security for the duration of the loan term. Once you’ve paid back the loan and agreed interest, the asset will be returned to you, in the same condition you left it.
Small business bridging loans
At lamna, we offer bridging loans to both businesses and individuals.
If you’re in the process of selling a property, you can secure a bridge loan of up to 75% of the sale price on transfer of the property.
We also offer bridging finance to individuals who are owed settlements by the Road Accident Fund (RAF). If you’ve been injured in a road accident, this type of loan might help you keep your small business afloat while you wait for funds to be paid out to you by the RAF.