Any given day in South Africa can, out of nowhere, feel like doomsday for small businesses. Like when the floods in Joburg turn your delivery vehicles into flotation devices. Or Eskom’s stage 8 load shedding schedule transforms your restaurant into more of a blind tasting experience for your patrons. Forget about the weather and the damp coal for a minute and think about all of the unknowns you face as an SME wanting to expand your business… it’s a mixed bag of expenses and possibilities. Our credit facility has proven to be the perfect fit for businesses in this stage of their journey (and a few who’ve needed generators in a hurry).
“A lot of businesses like to have month to month access to a lump sum of funds that they can access at anytime when a particular business need arises,” says Business Funding Specialist Tracy Kukard. “Like a security company who gets a contract for a new site and needs to quickly bring on new staff, new uniforms and new vehicles to service it. Those upfront costs are high, but will be paid back quickly once their contract kicks off. Having a credit facility means they can create the capacity for new business and save on time and costs because they don’t have to apply for new funding each time they need it, and they only pay for the amount they use.”
Lulalend’s credit facility has proven to be really useful to business owners across a number of industries. “From guesthouse owners to dentists; internet service providers and online stores – having that kind of access to funds has helped so many SMEs in our community,” says Business Funding Specialist Lene Schlebusch-Kemp. “And there’s no requirement or limitation on how much you use or what you use it for. If you’re a business looking to grow, fund flexibility is crucial.”
Another flexi-perk about a credit facility is that it offers you the ability to only pay for what you use. If, for example, you access a R300 000 credit facility over a period of 6 months, and you only draw down (Lula speak for make use of) R100 000, your bimonthly costs would be roughly R2000. That’s a rough estimate based on average risk scores, as each company is assessed individually and has a unique cost structure. Unlike traditional lenders, we don’t charge an initiation, admin or credit life fee or any penalty fees if you are able to settle your account early.
How to apply for a Credit Facility
If you’ve taken out funding from Lulalend previously, you’re one step ahead. Having your financial information already linked makes the process of assessing your eligibility for our credit facility even faster.
Contact firstname.lastname@example.org and one of our funding specialists will get in touch to chat with you through an application.
Who can apply for a credit facility
This is the part where we let you know that we are proud of being responsible lenders, which is why we have minimum requirements in place and why each company would need to be individually assessed in order to see if they qualify for our credit facility.
How soon can you access the credit facility?
Once you’ve completed your profile, which includes making sure your financial information is complete, it’s all systems go. You can have access to a credit facility in a matter of hours.
Where can I get more info about Lulalend’s Revolving Capital Facility?
You can read more about how our credit facility works here, or you can watch this quick video which sums it up in just a few minutes: