Access to funding can be tricky for small businesses when you need it in a hurry!
Running a small business in South Africa can be hectic! You’re constantly juggling tasks and admin; from managing your finances, your staff, your suppliers to marketing your business and trying to grow it at the same time. And one of the biggest challenges you’ll face is getting access to fast funding so you can manage the fluctuations of everyday business or plan effectively to grow your business forward.
When you don’t have the money you need, it can be hard to keep your business running smoothly. You may have to delay payments to suppliers, cut back on staff, or even scale back your business operations. A lack of cash can strain your business and make it harder to grow. Let’s face it. You didn’t sign up for this hassle when you first started this hustle!
That’s why it’s so crucial for small businesses to have access to fast and easy funding.
When you have the money you need, when you need it, you can:
- Take advantage of growth opportunities. When you see a chance to expand your business or launch a new product, you don’t have to wait for funding forever to come through. You can move quickly and nab the opportunity while it’s fresh.
- Overcome unexpected expenses. Things happen, and sometimes you’ll need to make payments you didn’t plan for. With access to fast funding, you can cover these expenses without having to dip into your savings or put your business at risk.
- Keep your business running smoothly. When you have a steady flow of income, you can keep your business running as it should. You can pay your bills on time, hire the staff, and invest in your business growth.
One of the biggest challenges in small business is being the cash flow to fund this. This, of course, where companies such as Lula makes all the difference because they can, through their unique offering, assist these companies to then install these solar solutions to stabilise their supply and to grow their bottom line.Nick Bekker CEO and Owner of LRG Solar Supplies
How to Get Access to Funding for Your Small Business – Fast!
There are a few ways to get flexible funding for your small business in South Africa.
One option is to apply for a business funding from a bank or other traditional financial institution. However, this tends to be a time-consuming and complicated process. And it can sometimes feel like there’s no end to the paperwork and bureaucracies you deal with.
Another option is to get a line of credit. This is a revolving capital facility that you can access as you need it – when you need it. Lines of credit are typically easier to get than business loans, and they can be a good option for businesses that need access to short-term funding.
A more flexible option would be getting a cash advance. A cash advance is a type of short-term loan, that is, repaid through a percentage of your future sales. Cash advances can be a good option for businesses that need quick access to funding, but they can also be more expensive than other types of loans. So do your research, and ensure whatever you decide aligns with your business needs and goals.
No matter which option you choose, you should shop around and compare interest rates and terms before committing. It’s also a good idea to be clear on Ts & Cs before signing up, so you are applying for credit when you business is in a position to.
Funding and Banking, especially for SME’s
Banks and traditional lenders can make it hard for small businesses to get funding, so you might have better luck working with reputable alternative lenders who specialise in small business lending, such as Lula.
Lula are a leading provider of business funding and now banking solutions in South Africa who offer a variety of products and services to meet the needs of small businesses, including:
Lula offers fast, easy and affordable; funding to small businesses, with a streamlined application process. Their rates and terms are competitive but above all, they understand the unique needs of small businesses and are always willing to work with you in person to find the best solution for your needs.
If you’re looking for fast, easy funding for your small business, give Lula a call 087 092 2268