Overview

Ithala’s Business Finance Unit facilitates the development and empowerment of KwaZulu-Natal-based enterprises, and helps promote job creation across the province. It offers a range of products and services designed to give business owners the finance and skills they need to build sustainable, growing enterprises.

In essence, the unit actively promotes a culture of entrepreneurship within the communities it serves — packaging financial solutions that stimulate entrepreneurial activity, alongside non-financial business support to ensure long-term sustainability and empowerment.

Coverage area

KwaZulu-Natal

Funding types

2 core funds

Rates from

4% – Prime linked

Collateral

No 100% requirement

Choose the fund that fits your business

Two funding lines, each with different rates and ownership requirements. Compare them below, then view the funding limits document for full detail.

Are you eligible to apply?

Applicants must meet the following criteria before an application will be considered.

  • Registered with CIPC, or a properly constituted Partnership, Trust or Sole Proprietor
  • SARS registered as a taxpayer with a valid tax clearance certificate
  • Business impact benefits the KZN economy or people domiciled in KZN
  • Demonstrable socio-economic impact
  • No un-rehabilitated insolvency, debt review or administration order among members/shareholders
  • At least one partner/member/shareholder involved in senior or executive management
  • Members/shareholders hold a valid SA ID
  • Main operations or primary place of business within KZN
  • Good standing with existing creditors
  • Demonstrable financial viability
  • Not engaged in any illegal activity

Documents you’ll need

Requirements are grouped by category below. Expand each to see the full checklist.

FICA & identity documents 6 items

  • Copy of ID documents — all members/ spouses/ shareholders/ directors
  • Proof of business address (not older than 3 months) — an affidavit at a local police station is accepted if no bill exists in the business’s name
  • Marriage certificates / ANC agreements / divorce orders, where applicable
  • Proof of residential & postal address (not older than 3 months)
  • Proof of telephone/cellphone numbers for individuals and the business entity (not older than 3 months) — affidavit accepted if no bill exists
  • Copy of lease agreement (if leased) or title deed (if owned)

  • CIPC registration certificate (Pty Ltd or Trust)
  • Proof of shareholding allocation — auditor letter, affidavit, or share certificates
  • Relevant licences/permits for your industry
  • Signed personal statement of assets & liabilities for all members/shareholders/directors
  • Joint Venture / Shareholders’ / Member Agreements
  • Organisational chart and shareholding organogram
  • CVs of members/ shareholders/ directors/ key staff

  • Original, valid tax clearance certificate
  • B-BBEE certificate
  • 5-year cash flow projections, income statement & balance sheet (year one monthly)
  • Debtors & creditors age analysis as at management account date
  • Comprehensive business plan / business profile
  • Financial statements for the last 3 years (existing businesses)
  • Latest management accounts — income statement, balance sheet & cash flow with notes
  • Latest 12 months’ original, bank-stamped business/trading account statements

  • Statements at management account date for all liabilities
  • Original, completed Ithala application forms — signed by each member/shareholder/director
  • Proof of own contribution, where applicable
  • Breakdown of income sources
  • List of equipment to be financed, with utilisation breakdown and 2 quotations (indicate preference)

What security is required?

Ithala takes all forms of security reasonably available to secure a transaction.

  • Assets financed – Security registered over the assets being financed.

  • Surety bonds – Bonds registered over immovable property.

  • Cession of investments – Investments ceded as additional security.

  • Cession of income/debtors – Business income or debtors book ceded to Ithala.

  • Personal guarantees – Guarantees from sponsors or promoters of the business.

Not sure which solution fits?

Speak to a business finance adviser or start your application — we’ll help match you to the right fund.