Access to funding has been highlighted as the main challenge affecting SME (small-medium enterprise) growth in South Africa. In fact, the credit gap for SMEs in South Africa currently stands at $23 billion.
According to SAICA's SME Insight Report, 90% of new jobs will be created by SMEs in 2030. That's a big ask of a sector seen as high risk by most traditional lenders. The unfortunate reality is that for SMEs, smaller loans don’t equate to big profits.
As a result, applying for business finance or credit is difficult, requires intensive paperwork and often requires excessive collateral.
Lulalend founders, Trevor Gosling and Neil Welman, recognised that being unable to access funding was holding South African businesses back. The business partners aimed to use technology to make business funding more accessible to the sector.
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