OBSTACLES TO ACCESSING FINANCE BY SMALL BUSINESSES

On 26 October 2017 I posted a review titled "Drowning". I detailed frustrations that we as SMME are facing with regards to inaccessibility of bank finance. I did articulate the fact that I have a government contract, and if we were to default we will be blacklisted for 10 years by government. Our application was prejudiced by various factors as mentioned in the review. Subsequent to the review posting I did receive communication from my business banker on 27 October 2017. She resumed with the application and I was advised that the term loan of R818 000 was approved. I even received an email on 11 November 2017 from Ms Nthabiseng Sibande (Hellopeter complaint: Case Ref No. ********** ) attested to that effect. Another hurdle I had to pass first, was that for the loan granted, I needed to take up a life cover and cede it. We app**** with Absa Life and the application was declined. I have tried since then with other life assurers in vain because I have a decline with Absa Life. I am very much distressed by the fact that I have been granted credit by Absa Bank in my personal capacity and did not have any of these hurdles mentioned in my prevoius review and this review. This has been a horrible experience by I will prevail by God's Grace.