The Lulalend Friends in Funding competition for South African SMEs has announced its winner.
Imraan Moos, the owner of online retailer Your Essentials, was this week revealed as the winner of our Friends in Funding, R500 000 competition.
Now, Moos has an extra half a million to grow his business in 2020.
He’s a South African business owner with bold plans for the new year: creating jobs, developing young people, expanding the product catalogue of his online store.
And that’s all possible thanks to his win.
Your Essentials gets high-quality health and skincare products from global brands to South African customers. Moos’s store stands out in a crowded market with affordable prices and free shipping.
Moos could hardly believe it when he received the news from Tracy Kukard, Lulalend Account Manager, and Trevor Gosling, Lulalend CEO.
“”Surreal…(I was) grateful, happy, excited…all these mixed emotions.”
The cash comes at a crucial time for Your Essentials.
“Entrepreneurship is a journey, and it’s not always an easy one,” said Moos.
“Cash flow is a big thing for businesses. This (win) helps improve cash flow. It allows me to be sustainable long term. They say most businesses fail within the first five years…I’m in year four. Year five is looming… but I will survive for the longer term.”
Moos’s story is one shared by many business owners.
Prior to running Your Essentials full-time, Moos worked a corporate job at a large financial services firm. He spent two years doing a careful balancing act: juggling his 9-5 while building his online business.
Two years ago, he took a courageous step, leaving his full time role behind to devote his energy to his own business.
“This funding will help grow my business much quicker than expected. There’s so much to do in 2020: getting more products into my store…(and) I’d love to employ someone. That’s what SMEs do, we want to grow the economy, give people jobs. I’m also looking to start an entrepreneurship academy for young people.”
Moos is especially excited about the business and learning opportunities presented by the digital age; opportunities he’s fully embraced to build a thriving online business.
He first learned about Lulalend from Takealot, where he sells many of his products online, and PayFast, where he processes his payments.
Last week, Moos was in the middle of a lengthy overdraft application when he received the news.
“I was asking my bank to get additional funding and I got a 30-page document to sign. With Lulalend, you get finance within 24 hours. It’s a really simple process when it comes to securing funding. It’s painless, easy, and the funding is in account within 24 to 48 hours.”
Trevor Gosling, Lulalend CEO, said:
“Imraan’s dedicated to building his business, and he’s dedicated to adding jobs to the economy. Lulalend is honoured and excited to support him on this mission. We look forward to seeing what he’ll do this year.
“At Lulalend, we’re passionate about helping SMEs succeed. And we know that for many business owners, a lack of funding is a major barrier to growth. Access to fast, easy business funding gives SMEs the resources they need to achieve the kind of success they deserve.”
Businesses that applied for funding with Lulalend before 13 December were automatically entered into the competition. The winner was randomly selected based on the competition requirements.
When you started your business you might have had a whole team of supporters helping you get to where you are now. Or maybe not, maybe it was 100% hustle that’s earned you the title of CEO, Owner, Founder, or as is the case with a lot of SME owners, ‘A Little Bit of Everything-er’.
We’re proud to say that we’ve been able to offer many businesses the help they need so that they can get back to doing what they do best: running their business. That’s what friends do – they’re there to offer each other support when they need it. Our Friends in Funding competition, which runs until 13 December 2019, is aimed at doing just that.
We’re giving one South African SME the opportunity to breathe a bit, put your name on the map or bring that next big idea to life.
What you use it for doesn’t matter. The bottom line: R500 000 can change everything. See how funding has impacted other South African businesses in our community here.
And we’re giving it away (like for free!) to one small business who completes a funding application with Lulalend before 13 December 2019.
How to enter
Complete a funding application before 13 December 2019.
It takes only minutes and is 100% safe and secure.
I don’t need funding right now – but I know a guy!
Become a Lulalend Affiliate and you’ll earn 3% on the amount of funding received by anyone in your community. And if someone in your network ends up winning the R500 000 – we’ll give you 3% of that too!
Lulalend supports small businesses by making access to SMME funding easy. But while banks leave you with nothing more than a handshake, we take an interest in our clients, and love to see how they put our SMME funding to use to help their businesses grow. (more…)
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.