With every business funding application we receive, our Funding Specialists (supported by our AI-driven technology) work tirelessly to thoroughly vet, approve and then disburse the required funds in the quickest time possible. We do this so that businesses can take up new opportunities as soon as they arise.
So, if business owners share their experience with us (good and not so good), we take it seriously. When Andrew Dalrymple, Director at Risk X Data Assurance, shared his story with us, we knew we had to share it. His experience marked a true representation of how Lula aims to assist SMEs across SA to continue growing and succeeding at every turn.
Why did you first come to Lula for funding?
Risk X is an SME offering high-end information security audit, advisory, and assurance services to government and private sector clients across a wide range of business verticals. Favourable market conditions presented us with a variety of growth opportunities but as a young business, we did not have the capital reserves to fund this growth internally. After being turned down by the traditional banking sector, we approached Lula who provided the funding we needed to take our business to the next level.
How has Lula helped your business thus far?
We have accessed two tranches of funding from Lula and consequently have been able to grow our business throughout the Covid pandemic, with the certainty that we will be able to meet our short-term cash flow commitments without having to compromise the quality of our long-term strategic decision making and client relationships. Lula may not be a long-term capital solution, but they can be an absolute lifesaver as a short-term cash flow supplement, and certainly were in our case.
Would you recommend Lula to other SME business owners?
I would absolutely recommend Lula to any SME who has been let down by the formal banking sector and needs working capital to fund growth in their business. They have a transparent model and a highly ethical approach to lending and take a personal interest in the success of your business. Our experience with them has been exceptional.
“Lula saw the potential of our business when other lenders did not and supported us with the cash flow we needed to scale up at a critical stage of our company’s growth. Their lending model and willingness to commit to South African SME’s is a critical enabler for many businesses like ours and the economy as a whole. Lula has been ethical and upfront in all of their dealings with us and the level of interest and concern for our progress that Lené has shown throughout goes beyond the purely commercial nature of the relationship. I would recommend Lula to any SME that needs short-term cash flow support.” – Andrew Dalrymple.
We hope that when your business requires a cash injection, you’ll always think of your friends in funding first.
