Preparing for funding should be an ongoing business discipline rather than a last minute exercise, says FNB's Louise Roux.
Access to finance remains one of the biggest hurdles facing South Africa's small and medium sized enterprises (SMEs), but businesses can significantly improve their chances of securing funding by strengthening their financial visibility and planning ahead.
According to Louise Roux, Product Head of SME Lending at FNB, many businesses struggle to obtain finance not because funding is unavailable, but because lenders do not have enough reliable financial information to assess their operations.
She said the lending landscape had become increasingly data driven, making it essential for businesses to maintain consistent financial records and banking activity.
"Lending has become increasingly data driven, making the quality and consistency of a business's financial footprint just as important as its funding need. Businesses that build this visibility are often able to access funding faster, secure solutions that are better suited to their needs, and create a stronger foundation for sustainable growth," Roux said.
