Zimele

Yes, having an Absa account is necessary to qualify. This requirement helps streamline the process of managing loans, ensuring efficient payment to suppliers and easy loan repayments. Using one bank makes the entire system simpler and more organised for everyone involved.

You don’t need to worry about your current bank account. Zimele and Absa will review all applications equally. However, you will need to open a new Absa account for the loan. Absa will assist you in setting up this account, as well as a transaction account for your business profits.

Yes, however, you need to show that you have a payment plan in place and if possible you should be able to show that you have adhered to the payment plan to date.

A number of checks have to be done to make sure that an applicant qualifies for a loan.
However, Anglo American is working with Absa to constantly improve the loan application process to make it easier for applicants.

No, the same interest rate of 6% applies to all transactions.

It will take 48 hours. If after 48 hours it still doesn’t reflect, you can escalate to the Absa Banker allocated to you. Alternatively, you can also ask your Hub Manager to escalate the problem.

• Ensure all supporting documents are correctly submitted to avoid delays.
• Having an existing Absa account speeds up approval since no new client verification is needed.
• Provide detailed information on your application, including any financial issues, to prevent follow-up questions.
• Be aware that credit checks are part of the process, and any arrears or judgments will cause delays.

Yes, we will continue to provide funding for now, for supply chain deals. Our new “mentorship first, funding second” approach will be phased in over the next 18 months.

For businesses:

• Registration documents
• Proof of address
• Resolutions
• Shareholding confirmation
• BEE certificate or affidavit
• Tax clearance
• VAT clearance if applicable
• Business plan or business profile to explain the business case and why you need finance
• Cash flow projections for the duration of the loan
• Latest financial statements and latest management accounts
• Repayment plans for credit listing (if applicable)
• Copy of contract and purchase order
• Copy of quotes and invoices
• 3 months’ bank statements

For business owners:

• Identity document (colour copy)
• Proof of address
• 3 months’ bank statements
• Latest income and expenses – complete the Absa form
• Latest assets and liabilities – complete the Absa form
• CVs of principals

SMMEs must sign a letter of consent agreeing that Anglo American and Absa are able to share this information about the business. The letter can be signed via the online platform as part of the registration process or signed manually.

Note: All documents must be accurate, complete and current.

Anglo American Zimele now focuses on mentoring and coaching SMMEs before funding them, prioritising host communities. However, there are other organisations like NEF, IDC, and SEFA that provide funding support. You can find more information through the links below:

• https://www.idc.co.za/who-how-we-help/
• https://www.sefa.org.za/
• https://www.nefcorp.co.za/funding-solutions/how-to-apply-for-funding/

For more information on these programmes, please contact Zimele via email:
[email protected]