Lulalend makes SME Lending easy in South Africa with Seven Minute Funding Application

Lulalend has declared that it aims to democratise SME lending in South Africa through technological development and automation of the application and assessment processes by reducing SME funding application to just seven minutes with no paperwork.

Lulalend, which was founded in May 2015 by former investment bankers, Trevor Gosling and Neil Welman, is targeting SMEs, one year or over at least R500,000 per annum in revenues. It aims to lend between R20,000 and R250,000 with the upper limit set to increase to over R500,000 minus any collateral or security. The funds are repaid over six months.

“Having run a couple of my own businesses since leaving investment banking, I realized that trying to access funding or capital through traditional channels is very difficult and time-consuming. But it really shouldn’t be,” Gosling said, pointing out that it is effectively short-term working capital finance.

“Because SMEs are the backbone of any economy, they deserve an easy and inspiring lending process,” he added.

He further explained that it motivated him and Neil Welman to develop an online site where business owners can apply for funding in minutes and receive cash in a matter of hours – so whether it’s to purchase stock, launch a marketing campaign or just manage cash flow, they cover it all.

“We provide a funding decision shortly thereafter and because of our cutting-edge technology we are able to offer capital to a number of businesses that banks generally turn away. Lula is the Zulu word for ‘Easy’ which is exactly what we want our lending process to be,” Welman said.

Based in South Africa, Lulalend is backed by both local and international Venture Capital companies and aims to empower South African SME’s who are looking for funds to grow their businesses.

Source: Footprint2Africa


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