Small and and medium enterprises contribute between 35 and 45 percent to South Africa’s gross domestic product, but still struggle to access capital, with many citing this as their biggest challenge.
XPRS Capital Africa, a specialist business funding provider, says it wants to plug this funding gap, by rapidly vetting and approving short-term business funding ranging from R50,000 to R500,000.
“With business confidence in South Africa starting to rise, it is vital that these companies are provided the resources that they need to take advantage of their available opportunities,” says XPRS Capital Africa CEO Simon Leps.
Recent data shows that around 40 percent of an estimated 650,000 SMEs struggle to access funding, with many failing to meet criteria set by traditional lenders while others have to undergo lengthy application processes.
XPRS Capital, founded in the United States in 2013, uses a unique algorithm optimised for the South African market to accurately assess any SME that has been in business for over a year, to rapidly provide a 6- to 12-month funding solution.
“The XPRS platform has processed over $1 billion worth of loans and has a proven track record of funding thousands of businesses across hundreds of industries,” says Leps.
– Africa News Agency (ANA)