SZ
Steven Z

1 reviews | Active since Oct 2017

14 Oct 2024, 10:20

Nedbank unfairly rejecting credit to small black business owners

I app**** for a business credit card because my business meets all of Nedbank's criteria for business credit. However, my application was immediately rejected by the assessor before they even asked my banker for any additional documents such as managed financials and annual profit/loss statements. Their reason for the rejection was that I do not have any managed accounts, even though they never asked for them. My application was further rejected three times based on what I believe are unjustified reasons, which made me realize and believe that the only reason they were rejecting my application is because it's a 100% black-owned business. Even though I provided them with two years of financials signed by an accounting firm, six months of bank statements and managed accounts it wasn’t enough. It's frustrating to see how they're doing all they can to hinder the progress of small black-owned businesses, even if the businesses meet their criteria.

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