Nedbank
IN SUPPORT OF SMALL BUSSNESS? I DOUBT

IT IS WITH GREAT REGRET THAT SOME OF US DISADVANTAGED SMALL BUSINESS OWNERS HAVE TO WRITE SUCH COMPLAINTS TO OR ABOUT THE VERY INSTITUTION THAT CLAIM TO SUPPORT SMALL BUSINESSES. THE NATURE OF MY BUSINESS IS SUPPLY MECHANICAL SUPPLIES TO THE INDUSTRY. HOW IT WORKS IS THAT I BID, GET A PURCHASE ORDER, PAY 50% UPFRONT TO MY SUPPLIER, THEY DO THE WORK, I PAY THE REST ON COLLECTION. A PURCHASE ORDER IS AN AGREEMENT BETWEEN MY BUSINESS AND MY CUSTOMER THAT WHEN I DELIVER THE JOB I WILL GET PAID. BECAUSE I HAD NO FUNDS TO RELEASE MY ORDER FROM MY SUPPLIER TO DELIVER TO MY CUSTOMER, I BORROWED FROM MY BANK R50 000, WHICH IS ACTUALLY LESS THAT HALF OF THE PROFIT I WILL MAKE WITH MY ORDER. REQUIREMENTS TO APPLY INCLUDED GETTING A FINANCIAL STATEMENT FROM MY ACCOUNTANT AND TWO YEAR PROJECTION ETC, WHICH COST ME R2500 TO GET IT DONE. NEEDLESS TO SAY NEDBANK DECLINES ME ON BASIS THAT MY BUSINESS IS A SIDE JOB AND I DO NOT NEED THE MONEY I AM BORROWING. I HAD TO MAKE OTHER PLANS IN ORDER TO RELEASE MY ORDER AND DELIVER AND INVOICE. I AM DEEPLY DISAPPOINTED WITH THE BANK, FOR ITS LACK OF SUPPORT TOWARDS WHAT I WANTED TO ACHIEVE WITH MY SMALL BUSINESS. WHAT DOES SUPPORT MEAN TO YOU ANYWAY?

Company: Nedbank
Country: South Africa
City: Klipfonteni

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