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Business banking

fatty

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Does anyone else find that small business banking in this country is a croc of S£&T.

been trying to get funding for my business, that I had to restart because of covid pandemic, and just find the banks an utter waste of time.

been with my bank 20 years, jumped through all their hoops to get stuff done and in the end told me they can’t assist.

me Hear about how the banks are here to assist and blah blah blah, but when it comes to the crunch, find they won’t help.
If a bank came to me today and helped I’d jump ship in a heart beat. Seems that good standing and long term relationship mean jack.
now everythings run my computers and calculations and no one can actually make a decision for you, or see your potential, and they not willing to take a slight chance, even if you surrender everything including your under pants.

Rant over

I am alone in this or have others had the same experience ??

maybe if someone here works in banking and can explain this to normal people to understand.
 

thePridge

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You'll probably have better luck with a venture capitalist or some investors.
With banks you need to prove you don't need a loan to get a loan... sigh.
 

fatty

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And a VC will have all these requirements and usually only looking to get involved in big business they can scale and dump, I’m just looking for capital to expand my business and grow it bigger, and cash flow is killing me because of stock
 

SuperLlama

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A guy who used to lecture and went banking came for a special lecture once back in my uni days.
He said "bankers are wankers"
But the pay must be good because he seems quite happy.
 

Oj0

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Morning
Does anyone else find that small business banking in this country is a croc of S£&T.

been trying to get funding for my business, that I had to restart because of covid pandemic, and just find the banks an utter waste of time.

been with my bank 20 years, jumped through all their hoops to get stuff done and in the end told me they can’t assist.

me Hear about how the banks are here to assist and blah blah blah, but when it comes to the crunch, find they won’t help.
If a bank came to me today and helped I’d jump ship in a heart beat. Seems that good standing and long term relationship mean jack.
now everythings run my computers and calculations and no one can actually make a decision for you, or see your potential, and they not willing to take a slight chance, even if you surrender everything including your under pants.

Rant over

I am alone in this or have others had the same experience ??

maybe if someone here works in banking and can explain this to normal people to understand.
I THINK Absa still uses actuaries in certain instances instead of relying solely on algorithms. It was either Absa or Standard.

The thing with banks is they are there to help you, but not if the risk outweighs the reward. A VC, friend or relative is almost certainly a better option for you. Preferably neither of the latter, as it may cause things to go south with them.

What sort of amount are we talking?
 

fatty

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In my case the security offered is probably 10 fold compared to the amount I’m asking for


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jamieb22

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How much you looking for & what's your business?
 

Greekking

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Can I take a wild guess and say you bank with FNB ?

I have been with them for 15 years, home loan amount offered from FNB R80k yes R80000.00 ... ABSA, never banked with full bond approval R750k ... absolute joke. Also ABSA gave me Prime - 1%

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Jack_Bauer_ZA

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this is banks for you. you owe them ea 1000000. you pay back ea 20000 back a month.

shit happens and you can only pay back ea 5000 a month and ask for restructuring as you cant pay back the ea 10000 per month anymore, due to said shit. no sorry we dont give a damn. you as customer for 30 years means fokol so we want our said 20000 even if you cant buy food or electricity etc.

now i understand they need to make money, no issue with that. they go on about affordability which is great but if you cant afford your current repayments, and a restructured payment option, would make it affordable again. guess i am just dumber than a cANCer supporter then....

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