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.
This story is from the October/November 2019 edition of Your Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October/November 2019 edition of Your Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
61% of South African SMMEs Planning For Growth
Mastercard SME Index
Selecting A Collections Partner
Key considerations and insights...
Recipe For Success
Key ingredients for a successful partnership between e-tailers and their software developers.
Our Success. Your Success.
The need for business training to improve bottom-line results in businesses across the country has never been greater.
How Small Businesses Improve Revenues In Tough Times
While many small businesses were able to adapt to lockdown in the short term, new challenges emerged when it came to returning to physical workplaces. Modern workforces, for example, are fragmented, while exposures, health and safety concerns frequently disrupt operations. How do we cope with these and many other related difficulties?
Making An Impact
Every year in August we take the time to celebrate women and reflect on the tremendous efforts they make to shape our society.
The Hidden Value Of Outsourced IT Resources
The IT needs of today's businesses are constantly evolving, making outsourcing a very attractive option that can offer a number of compelling benefits for businesses, small or large.
Networking At Virtual Events
Just because you can't shake hands and pass around business cards, doesn't mean you can't network at a digital event.
7 Questions To Ask A Prospective Digital Media Partner
If you are looking to outsource your digital marketing function to an agency, here are some question to ask before signing on the dotted line.
Riches And Beyond
Empowering the next generation of entrepreneurs
