Over time, SMEs face difficulties in loan assessment from financial institutions. This challenge is due to factors like; limited time and collateral etc. which makes it difficult to secure a bank loan. These challenges cause SMEs to struggle through cash flow crisis and also, salary-bill payment. Some alternative financing platform that has come to the aid of SMEs in the past have not been very much helpful as the loans were exploitative with complex interest structures and hidden costs.
SA’s Bridgement however bridges this gap that SMEs face with its machine learning for credit analysis and decision-making technology by offering invoice financing to SMEs in a record time of 2 and a half hours. The fintech grants SMEs access to the exact, fixed rate that they will pay before disbursing the loan and reward them with a discount and when they pay back on time, Bridgement technology accesses every application on completion and quickly analyzes thousands of data points in deciding what size of business loan that should be granted. This accomodates speedy loan disbursement, no documentation required.
Bridgement is a SA-based fintech startup that offers simple finance to small businesses across South Africa, enabling them expand their operations, take on bigger projects and bridge gaps in cash flow. They are geared towards enabling growth for SMEs by helping them improve cash flow to take on bigger projects with longer payment terms. They offer credit facilities between R10 000 to R1-million. The offer is open to registered companies that have been trading for longer than six months.
More on TechGist Africa:
- Jumia Finally Opens on the New York Stock Exchange, Raises $196 Million
- World Economic Forum Brings Fourth Industrial Revolution Center to South Africa
- AFFDisrupt Conference 2019 Themed: Digital Goldrush: Building a Sustainable Tech Economy, to Hold in Lagos
- Nigeria’s FarmCrowdy Partners Livestock 247 for Improved Livestock Production and Trading
- IMF and World Bank Launches Cryptocurrency Dubbed ‘Learning Coin’ to Study Blockchain Technology