When we provide you with finance, our approach is to give you an upfront finance facility which acts as a wallet of credit to be used when you start with us & for all your future business finance needs, once the initial basic contract documents are signed and everything has been approved and set up.
This way, you can acquire what you need right away and in the future – whatever you want up to the limit of your approved amount of credit.
1. first, you apply for finance with us
2. once your upfront finance facility is approved with us and set up, its ready to use
3. the initial basic contract documents are sent to you and e-signed
Depending on the technology there are two options:
- basic technology equipment – Spartan can supply it from the manufacturer’s wholesalers
- specialised equipment, software, fit-out or machinery – you have 2 choices:
- pre-approved Spartan supplier
- your existing supplier [to be approved by Spartan]
- simply forward us your quote from your suppliers
- Spartan will in turn provide you with a rental finance quote based on these numbers
- your supplier will need to be quickly vetted & approved
- they will need to be quickly vetted & approved
- get your supplier to contact us or forward us their details
- we’ll take care of the rest
Find out about Spartan’s Growth Finance.
Our philosophy for approving your finance …
- Spartan is run by entrepreneurs … funding entrepreneurs
- having started out as a small/mid-sized business – means that we get you
- because we get you …
- … the way we view, approach & decide the finance application is vastly different from traditional funders
1. Send us all the basic info upfront
- Finance Facility Application Form [we’ll send this to you after contacting us]
- AFS [Annual Financial Statements]
- Latest Management Accounts
- We will process the application and revert with an answer or an approved finance facility letter quickly
Note: if our Credit Committee has a concern or needs further clarity then we will request more information and engage further
2. Once you’ve received your approved finance facility letter then you are free to transact at your convenience…
1. after contacting us, send back our application form together with your latest Annual Financial Statements & Management Accounts
2. once we’ve received all your documents, we will assess, submit to our credit committee and then revert with any clarifying questions
3. the credit committee will invest the time to understand your business & make a more informed decision – our credit committee will conduct a credit interview with the relevant parties
4. once we’ve approved your finance you will receive a Finance Facility letter
Technology, as an example, [equipment, software and services] is used so pervasively in business… that it is near impossible to tell the amount and frequency of how it is purchased.
This causes admin inconvenience & constrains cash flow.
The antidote is a Finance Facility from Spartan – think of it as your own ‘Diners Club Card’ for financing all your technology hardware or software or fit-out needs – no matter how small the purchase.
All those R10k cheques you’re writing for ad-hoc computer purchases [from your overdraft perhaps] probably add up to a good few hundred thousand rand by the end of the year …
… using your Finance Facility for this would save all that cash flow so you could use it elsewhere.
1. You e-sign a few docs on your phone or PC. You do this only once, to setup the facility e.g. Master Rental Agreement (MRA) , Resolution, etc.
2. Thereafter any time you need to purchase something:
- call/email your request to us
- e-sign to accept the quote
- e-sign a 1-page schedule
- we’ll sort out the rest of the supply, installation, insurance etc…
- you may have some items [e.g. specialised hardware/equipment or software] where you would have your own supplier
3. Your Finance Facility is reviewed annually
- it is review-able on each anniversary – or sooner if there’s a material change event
- if your credit limit is reached our credit committee may consider an increased finance facility upon your request