Why Having a Business Bank Account is Important
If you’re an entrepreneur or small business owner in South Africa, having a business bank account is a must. A good small business banking solution gives detailed insights into your finances, can help with the funding application process, and allows you to keep a healthy cash flow.
But which business bank account should you choose? And how can you open a business bank account that fits your business’s financial needs?
Finding and opening the right business bank account can be hard for small businesses in South Africa, especially because of:
• Paperwork often needed to qualify for a business bank account, like tax clearances and proof of funds.
• Time-consuming applications involving visiting local bank branches, signatures, and waiting for approval.
• Stringent requirements for additional financial services like access to credit and other types of funding.
Having these financial services at your disposal is important because running a small business in South Africa is challenging – no matter your type of business.
Price hikes, logistics disruptions and labour strikes are just some of the economic uncertainties business owners deal with on a daily basis. Lack of access to business funding only aggravates all these issues – yet only a fraction of small businesses use traditional banks for their business needs. Fortunately, alternatives that can cater to both business banking and funding needs are becoming more popular and accessible.
With business loans inaccessible to many, 35% of South African small businesses rely on personal loans with poor repayment terms and low loan amounts.
But you don’t have to. With Lula’s fast, simple and fully digital funding application process, we’ve made growth for South African small and medium-sized enterprises easier than what traditional banks offer.
What’s more, with one of our Business Banking accounts, we’ve removed the need for you to submit your bank statements every time your apply for funding with us – making the process that much more seamless.
Let’s explore how to open a business bank account so you can optimise your finances and build a more resilient and profitable business.