Are you a small business looking to access finance and working capital? You are not alone.
In Africa, there is an estimated $80bn funding deficit in terms of trade finance and this represents a very real challenge for small businesses who are looking to grow.
In South Africa, the big banking groups dominate the lending landscape for those requiring greater than R10m in working capital. However some of the more innovative SA fintech businesses are improving access to finance for those seeking smaller amounts.
Below we look at 3 potential partners to look at:
Access to Finance via LulaLend:
Lulalend provides fast and flexible business funding to SMEs and sole traders that traditional lenders often can’t serve. They can help thanks to its innovative online business model and credit scoring algorithm.
You can apply for up to R5m in funding online HERE.
The below is a testimonial from Leon Van Vuuren, the founder of Optique Optometrists.
Access SME finance via Bridgement:
Improve your cash flow in under 24 hours. Access between R20,000 and R5,000,000 in business finance with a Bridgement facility. This SA fintech business offers a variety of SME funding solutions including:
- Business Loans
- Revolving lines of credit
- Invoice Finance
- BridgePay Trade Credit Facilities
You can setup a free Bridgement profile HERE.
The Bridgement team have a short video explaining how you go about applying for finance online.
Access SME finance via Retail Capital
Retail Capital has provided funding to more than 38,000 Small Business owners in South Africa with over R4bn to date.
As a turnover based funder, they will give you access to finance which matches your cashflow.
Our partners from SME.Tax work closely with the team from Retail Capital to help their clients raise finance for your SME.
The below video gives you an overview of how Retail Capital works.
The importance of financials when putting together your finance application
All 3 of these platforms allow for rapid access to finance, but in all cases they will need your financial in a format that they can review and process.
It will be helpful if your financials are up to date and you are making use of an electronic / cloud-based accounting system.
In this case, the team from SME.Tax are great to work with as they bring skills and technology to help you get your financials in order.
Complete the below form or e-mail marc@sme.tax for more information:
