BLACKLISTING: 'Banks are sensitive to businesses operating during Covid'
These days, you cannot pick up a newspaper or magazine or read an online article without hearing about the financial impact of COVID-19 on big and small businesses alike.
The unfortunate consequence of the crisis is that millions of people across the African continent have lost and will lose their jobs. This is a bitter blow in a context where the creation of jobs – particularly in the emerging entrepreneurial business environment – has been driven hard by governments and development finance institutions.
TransUnion Africa CEO Lee Naik and Allon Raiz, founder and CEO of Raizcorp, have more.
You get blacklisted because you did not pay. Banks and lenders look at whether you have a questionable character or you have inappropriate business skills. Don't miss your payment. Many banks and lenders are sensitive to businesses operating during Covid.Allon Raiz, Founder and CEO - Raizcorp
When you have a situation such as Covid you are lumped into the same bucket as those with a questionable character or you have inappropriate business skills.Allon Raiz, Founder and CEO - Raizcorp
Don't miss your payment. Many banks and lenders are sensitive to businesses operating during Covid. In terms of not being able to get funding during Covid, we take a quantitative approach. What was the history? This refers to the financial discipline within the business. We also look at the golden rule, the salary as a percentage of the profit. Are they living in or out of the business?Allon Raiz, Founder and CEO - Raizcorp
Payment holidays are always available to a consumer. Approach a bank and say I have a problem and what can we do about it. Go to the lender to restructure the payment.Lee Naik CEO - TransUnion Africa
Listen below for the full interview...
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