We’re excited to have completed our recent round of funding with IFC and Quona Capital, and are committed to using the funds to help support and grow SMEs across South Africa via quick and easy access to financing.
Eradicating the challenge of access to capital
We know that access to finance is the single biggest challenge for small business owners.
That’s why we’ll continue to invest in technology to improve our customer experience & increase the speed of our lending decision making – allowing us to offer even faster and easier access to finance.
“We want to be part of the solution that breaks the cycle of limited access to finance. SMEs should be able to grow and expand without the worry of where and how they are going to get the finances they need to seize new opportunities. This is possible through technology and the right mindset of wanting to help these businesses.” Trevor Gosling, Lulalend co-founder and CEO
Growing our loan book and increasing our lending opportunities is another focus area that the new round of funding has made possible for Lulalend. Being able to offer larger loan sizes to businesses whose affordability allows them to qualify for up to R1 million is part of where we are placing the funds we’ve raised. Over and above this we want to see more businesses taking advantage of our credit facility, so that they can draw down from their funds without the hassle of applying every time they need access.
Building on the success achieved so far
Lulalend has already assisted thousands of businesses in South Africa, across all industries, with immediate access to business funding. We’ve been able to put the control back into the hands of business owners by allowing them to use the funding for their specific needs.
As a result, business owner Noel Ehrenreich from New Earth Recycling has been able to purchase raw materials which allowed him to take advantage of new opportunities.
Mondisa, founder of The Kids Cooking Club, was also able to get funding so she could she could expand into larger premises business. Without the funds Mondisa would have had to keep turning away new business.
We want to keep contributing to the success of businesses like these because we believe they are the backbone of the South African economy. We’re looking forward to using our latest round of funding to do just this! We can’t wait to add and highlight more success stories like these. This is what drives us to keep working hard, day in day out, to make the challenge of access to finance a thing of the past.