Funding Timelines

They say timing is everything, and nowhere is that phrase truer than in the world of small business — especially when it comes to business financing. If you’re relying on some type of funding to get your business off the ground, your opening date is completely dependent on when you’re able to secure start-up capital. So before you commit to a deadline, make sure your expectations are realistic by understanding the small business financing timeline:

Clearly, not all forms of financing are created equal and some financing options take significantly longer to finalize than others. It takes approximately 2-9 months to receive funds from us, depending of a variety of factors. It’s important to note that these are estimates only and your time to funding may vary - It could be earlier than 2 months and longer than 9 months.

Leveraging existing assets, such as physical collateral or intangible account receivables, can hasten financing process. However, the amount of financing you’ll receive is dependent on your business profile. Alternatively have up to date business bank statement and filings can hasten the process as well, without a collateral.

If you need a larger sum to get going, we can offer more than GHS500,000 because of the comprehensive application and approval process, and they also come with longer wait times and additional requirements.

There are things you can do to expedite the financing process. Here are a few tips to help you get ahead:

Understand your personal and business finances.
Review statements from all of your financial institutions, from checking and savings accounts to retirement funds and other investments. By knowing where you stand individually, you’ll be able to better assess how much you can afford to invest in a business before you apply for financing.

Pre-qualify for funding.
Don’t waste time applying for financing that won’t work for you or you don't qualify for. Take two minutes to self-qualify online so you can see which methods you’re eligible for, and then pursue the one(s) that fit your needs.

Collect necessary funding application documents early.
After you choose your financing options, get a list of the necessary paperwork required for application, such as tax returns, your business plan, etc., and start gathering them as soon as possible. The earlier you’re able to do this, the less likely the process will be held up because you can’t find a certain document.

Ready to see which financing method(s) would work for you? Take a minute to self-qualify today. By reviewing your choices early and understanding the time it takes to get funded, you’ll be able to meet your target opening date with open arms — and open doors.