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Nedbank Gives Small Business Owners Access To Free Banking In South Africa, Nedbank is offering business owners that borrow at least R100 000 the opportunity to use free banking services. Businesses who borrow this amount and qualify will have access to free unlimited cash deposits, cheques, debit orders and internet banking transactions. The free services will be available for two years. After this time, business owners will have to pay normal charges. In order to qualify, businesses will have to meet certain criteria. They need to borrow at least R100 000. They need to have a current Nedbank account open. Their business must be less than two years old and their project turnover must be less than R5 million. The R100 000 that is borrowed in order to qualify can be for a short or medium term loan. The loan may also be used to finance a vehicle, a loan or commercial property. Nedbank's division director of Small Business Services, Mark Rose, says they would consider lending to business owners who have a good business idea, and would not necessarily refuse loans to those who do not have security or collateral. Qualifying business owners would be able to access the Khula Credit Guarantee scheme. This scheme guarantees up to ninety percent of a loan in order to help businesses who do not have accesss to collateral. The free banking services are not going to be subsidized through higher interest rates, according to Rose. He says "business owners will be charged competitive interest rates". As well as providing free banking services, the bank is also offering business advice. Nedbank's partners, Sizanani Advisory Services and Business Partners, will give qualifying businesses access to business coaching and mentoring. This is just one of the ways that Nedbank is helping small business owners in South Africa. Another initiative recently released by Nedbank, is a mobile payment software solution that is based on the use of cell phones. Merchants can process credit card payments without being linked up to the point-of-sale terminal. Instead, they can process the credit card transactions through their cellphones. Small businesses account for 35 to 50 percent of South Africa's GDP and sixty-five percent of job creation. |
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