How to Get Funding for a Business (Straightforward and No Fuss Solutions)

You know what they say: "life is unpredictable." Business? Even more so. From surprise expenses to golden opportunities that need funding yesterday, access to fast, reliable business funding can be the difference between staying stagnant and scaling up.

So, how do you get funding for a business in South Africa, without the paperwork headache and long wait times?

Here’s everything you need to know: from traditional business loans to smarter, faster alternatives like iKhokha’s iK Cash Advance, tailored for small South African businesses.

Business funding in South Africa: your main options

If you’re asking how to get funding for a business, your first step is understanding what’s available. Here’s a breakdown of the most common types of business funding:

Traditional Bank Business Loans

These loans are provided by major banks like FNB, ABSA, Nedbank, and Standard Bank. They usually require:

A registered business
Solid financial history
Collateral
A long application process (weeks or even months)

Cons: High interest rates, inflexible repayment terms, heavy documentation and tough qualifying criteria, especially for startups or SMEs with fluctuating cash flow.

Government & Development Funding

Agencies like SEFA, NEF, and the IDC offer funding for small businesses with a focus on job creation or sector-specific support (like agriculture or manufacturing). These often include:

Grants
Equity funding
Low-interest loans

Pros: You may not need to repay everything (in the case of grants). Cons: Slow approval timelines, lots of paperwork, and not always suitable for immediate cash needs.

Business Cash Advances (like iK Cash Advance)

If you’re already trading and need funding fast, this is one of the most accessible short-term funding options in South Africa.

What is a business cash advance?

A business cash advance gives you a lump sum of capital based on your future sales. Instead of repaying a fixed amount monthly (like a loan), you repay a percentage of your card sales, making it a lot more flexible.

iK Cash Advance: The smart way to fund your business

If you're an iKhokha merchant and you've been trading for at least 6 months, you're eligible to receive a customised business cash advance, without the admin drama of a traditional loan.

No paperwork
No fixed repayments
Money in your account within 24 hours

Just open your iKhokha app, check your offer and accept it with a tap.

iK Cash Advance vs. Traditional Loans: why it works better

While traditional business loans are often slow, rigid, and paperwork-heavy, the iK Cash Advance is designed for speed, flexibility and ease. There are no stacks of documents, no credit score checks, and no fixed monthly repayments.

Instead, repayment happens automatically as a percentage of your future card sales, so if business slows down, your repayments adjust too. That flexibility gives business owners breathing room, unlike traditional loans which can strain cash flow during quieter months.

This funding model only works because iKhokha supports your business holistically, from card payments to funding. Using an iKhokha card machine doesn’t just help you accept card payments it also builds the transaction history that qualifies you for a future Cash Advance. In essence, your card machine becomes your access point to growth funding.

When to use a Cash Advance for your business

Here’s when a short-term business loan like the iK Cash Advance really shines:

Business Expansion

Need to hire staff, renovate, or boost marketing? Use the cash advance to seize growth opportunities without draining your working capital.

Buy or Repair Equipment

Outdated or broken equipment can stop your business in its tracks. Fund upgrades or replacements fast.

Restock Inventory

Short on stock during busy seasons or after a tough month? iK Cash Advance helps you keep shelves full and sales steady.

Manage Cash Flow

Cover operational costs like salaries, rent and bills, even when revenue dips.

How to get business funding in South Africa (step-by-step)

Here’s your roadmap to getting funded:

Option A: Traditional Loan (if you go the old-school route)

Register your business (CIPC, SARS)
Prepare your business plan
Gather financials (bank statements, tax returns)
Apply through your bank or lender
Wait (and wait...)

Option B: Apply for iK Cash Advance (if you're an iKhokha merchant)

Trade for at least 6 months using your iKhokha card machine
Open the iKhokha app
Tap on iK Cash Advance
View your personalised offer
Accept. Funds reflect within 24 hours.

Zero stress. Zero paperwork. Just smart, fast business funding.

Why iKhokha is leading business funding in SA

Unlike many lenders, iKhokha meets small businesses where they are fast-paced, mobile and always needing flexible solutions. With a full suite of tools from affordable card machines to point of sale systems and capital on demand, iKhokha empowers entrepreneurs at every stage of the business journey.

If you're trading with iKhokha, you're already one step ahead. Your daily sales are helping you build a credit profile that works in your favour. So the next time you need capital, you don’t need to apply, you will already qualify.

So, are you ready to get funding for your business?

Whether you're looking to scale, survive a cash crunch, or grab an opportunity, knowing how to get funding for a business and choosing the right type is key to your success.