More value for your business with our new weekly insights feature.

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17 October 2022

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Author: Fiddich Mutele

Every business needs money to grow, however, there are aspects that lead them to being declined for loans. There is a list of things that lenders look at when granting SMEs opportunities for growth. Insyts.ai has introduced a Weekly Insights feature to bring you one step closer to the main goal of providing valuable and meaningful financial insights to your business. This feature aims to assist SMEs in our community to make well-informed business decisions.

The weekly insights feature is oriented towards sending emails to our subscribers on a weekly basis and provides useful insights regarding your weekly revenue, financial behavior, and expenditure. This is to make sure you are informed and on the right track while keeping you motivated to fulfill your monthly goals.

Amongst other obvious criteria used to determine if a business qualifies for a loan, like the monthly minimum revenue, the 6 months period of the company registration, and an active business account. What SMEs are not aware of, is that there is a list of things that lenders use to ascertain if a business qualifies for a loan. SMEs need to have a registered business together with a business account. This is so that the lender can be able to track and verify transactions. They need to be able to see that the account is active, the business is not reliant on a single vendor, furthermore, the lender needs to be able to track the number of transactions per month, which usually is 15 or more transactions per month to increase the chances of being approved for a business loan.

Why this is important to a small business owner?

SMEs are judged according to their personal credit score, this allows lenders to be able to determine the integrity of the person/business they will be assisting with financing, what the SME owners’ spending habits are, and their prudence in paying for crucial bills such as electricity, water, or cellphone contracts. This enables them to provide financing to a business that will utilise the funds to further its growth.

If SMEs take the above-mentioned points into consideration, then we, as the Insyts.ai team are better positioned to help their small businesses access financial solutions that will help grow their businesses.

To find out more information or if you qualify for a business loan, visit our website at https://insyts.ai/ or https://insyts.ai/register

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