Spartan is strictly focused on Small & Growing Businesses … this is who we finance. We’re 100% committed to only helping SMEs grow. It’s in our DNA. It’s in our processes. It’s in the way we engage.
We don’t serve survivalist, micro and lifestyle businesses – we believe we can make a greater impact by financing Small & Growing Businesses. Small & Growing Businesses are defined as commercially viable businesses that have significant potential and ambition for growth.
you will be considered for finance if:
you are a small to mid-sized business
your annual turnover is R10 – R500 million
you will be not be considered for finance if:
you are a private individual
you are a very large company, with more than 500 staff
you are a public sector entity
- Exceptions: we make regular exceptions for companies doing R5 – R10 million turnover per year – provided there is some current growth context happening [for example a contract, project or an expansion].
2. Review, usually 24-48 hours
3. Credit Committee interviews CEO & team
4. Approval, with Facility Letter or Term Sheet usually 24-72 hours
5. Sign – contractual docs, usually via e-signing
6. Compliance checks + Payout
- Because we are 100% exclusively focused on financing SMEs & entrepreneurs – our DNA, our process, our empathy, our sense of timing is all geared to this one audience, so its intrinsic to how we do things. That’s our opening comforting statement
- The clock starts when the applicant gives us all the information – what we find the challenge is often on their side as some document or info may be missing – so its only when we have our basic list or requirements [see “what do I need”] can we start on our end
- Once we have everything basically inside of 24-48 hours we’re analysing it and its in-front of our Credit Committee
- If its all ok the Credit Committee will interview the entrepreneur and their financial person – there may be some more documentation or info required based on this chat
- If we get any additional info/clarity timeously then within a day or two the Facility Letter is approved
- The fastest from receiving an application to approving and pay-out has been 48 hours
- The average timeline is 5-7 days [based on the applicants readiness & availability]
Because we are SME-centric we are the “fastest gun in the West”.
Completed & Signed application form
Last two years sets of Annual Financial Statements (AFS)
Latest Management Accounts
Last 3 months bank statements
You can apply right here …
- Generally we prefer to finance amounts from R250 000 at the lower end to R5 million at the top – and that’s the rough sweet spot of how our engine room works
- Now and again we have considered amounts that are higher than R5 million, as exceptions