Standard Bank has partnered with ProfitShare Partners (PSP) to launch an innovative Purchase Order Funding solution, designed to provide Enterprise Banking clients with accessible, streamlined funding that goes beyond traditional banking options.
Extensive research and client feedback revealed a significant gap in accessible purchase order funding, particularly for businesses securing contracts from corporate and government entities. Recognising this challenge, Standard Bank sought an innovative solution to help more businesses access the funding they need to grow.
To address this need, Standard Bank joined forces with ProfitShare Partners, a fintech with a proven track record in alternative funding solutions since 2017. This partnership simplifies the funding process, empowering businesses to pursue growth opportunities without unnecessary hurdles, particularly those without a financial track record or securing their first deal.
Through Standard Bank’s BizConnect platform, clients can easily apply for purchase order funding from R300,000 to R5 million. The user-friendly online application process ensures swift feedback within 24-48 hours from PSP.
To qualify, businesses must:
- Be registered with the Companies and Intellectual Property Commission (CIPC) in South Africa.
- Have a valid purchase order.
- Require capital support of R300,000 or more.
- Pass PSP’s eligibility checks.
“This funding solution is open to all SMEs, regardless of size or industry,” says Bongiwe Nonjola, Senior Manager, Small Enterprise Segment. “It’s particularly beneficial for retail businesses dealing with physical goods, such as laptops, compared to service-based businesses where validating capacity, like training sessions, can be more challenging.”
“Through our partnership, clients will receive tailored solutions that meet their unique needs”
PSP’s Purchase Order Funding initiative is yet another way Standard Bank demonstrates its commitment to empowering Enterprise Banking clients with alternative funding solutions.
“We continue to evolve and enhance our offerings to better serve our clients,” says Nonjola. “Our long-term vision is to establish a permanent Purchase Order Funding solution, reinforcing our commitment to being the bank that says ‘yes’ more often.”
More than just a partnership, this initiative reflects Standard Bank and PSP’s shared mission to empower businesses and help them unlock their growth potential.
Apply now and take your business to the next level with Standard Bank and ProfitShare Partners.
