A few FAQs…
Frequently Asked Questions …
Depending on your unique situation, Spartan can help by crafting a finance option tailored to your exact requirements and needs.
Such as:
Spartan is strictly focused on Small & Growing Businesses. 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.
You will be considered for finance if:
- you are a small to mid-sized business
- 3 years old
- your annual turnover is R10 – R500 million
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].
- any finance requires regular repayments
- its near impossible for a startup business with no sustainable revenue nor historic financial information – to prove that it can repay financing
- Specialised Asset Finance: 12-36 months
- Growth Finance: 12-36 months
- Working Capital Finance: 1-3 months
- Bridging Finance: 1-3 months
From the time that we have received all your information:
- +- 7-10 days to approval
- sometimes quicker or longer depending on your responsiveness
- this is accelerated by the use of our Fintech tools
- Spartan finances in a no/low collateral context, with an approx 7-10 day turnaround
- therefore we supplement your bank rather than substitute it
- our pricing is relative to the above
- however, against usual secured overdraft rates – our costing is reasonable
Documents we require include:
- online or offline finance application
- historical financial information (for Spartan to assess business retrospectively) – this includes AFS/Management accounts and Bank account details/statements
- business owners personal assets – we do secured and unsecured lending, this helps us with our risk mitigation
Why no business plan? We believe in meeting with the entrepreneur in order to understand the business holistically – from their perspective.
- Generally we prefer to finance amounts from R500 000 at the lower end to R15 million at the top for routine & run of the mill needs
- However, as an exception, we can consider amounts above R15 million for more structured/specialised needs – we even do larger amounts than this using revolving finance facilities and custom built finance solutions
- We supplement a bank we do not substitute a bank
- this means our clients utilise the banks for their traditional/vanilla finance needs & Spartan supplements this for their specialised/growth needs
- your bank will typically require a higher degree & higher quality of collateral where Spartan as an alternative funder focuses more on baking an entrepreneur
- Spartans average turnaround time is 7-10 days – for highly specialised/complex funding needs
- Spartan has elected to focus on South African SMEs exclusively
- We do not finance any businesses outside of South Africa
- We deal with SMEs all across South Africa – our head office is located in Craighall, Gauteng and this office handles nationwide enquires
- With Spartan you can sign all our docs online, on your mobile – wherever you are in the world
- It is completely safe and legal
- We make use of a top tier service that enables quick, easy and safe e-signing
- find out more about our e-singing safety here
- find out how to e-sign here