LulaLend is more than a company. It’s a belief in the power of small business, making a difference, building a better solution and striving for excellence. Using Lulalend scoring technology, which takes into account the health of your business together with your personal credit score, Lulalend strives to provide small businesses with the funding they need to thrive.
The journey began when Trevor Gosling sold his first company to Naspers and wanted to build a new venture in the FinTech (Financial Technology) space to help grow small business. He knew that finding a world-class CTO (Chief Technical Officer) was critical and that’s where Neil Welman came in. Neil had just returned to South Africa from the UK after working in investment banking for over 10 years and he was looking to utilize his experience on an exciting new project. Together, in July 2014, they began working on Lulalend and the business went live to the market in May 2015. Today, the company employs 10 people.
There are no shortages of challenges when starting a business but Gosling and Welman’s biggest hurdle was getting access to new capital. Being a capital intensive business, it was important to have sufficient funding available but they struggled to raise it locally. This took them offshore which provided additional pressures but has been successful thus far.
When asked what makes a good entrepreneur, the duo replied, ‘Hard work and passion for what you are doing. If either element is lacking, the chances of success are reduced. However, having a passion for what you do makes the hard work seem easier.’
When asked about supporting small business, Gosling replied, ‘Small business is the lifeblood of the South African economy contributing to over 60% of the South African work force and almost 60% of GDP. Supporting small business means supporting growth in our economy which in turn creates new jobs and provides inspiration to future entrepreneurs.’
With minimum qualifications that are less intensive than those of banks, Lulalend is focused on getting your finance approved so your business can thrive and makes its contribution.
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Small Business Friday is brought to you by the National Small Business Chamber (NSBC) and Nedbank (Title Sponsor) and encourages all South Africans to interact and support small business everyday; especially every Friday and even more so on Small Business Friday, the first Friday of Spring every year. This grows local communities, drives job creation and ultimately builds the nation. With your support small business will be able to employ more, therefore reducing rates of unemployment and harvesting the entrepreneurial spirit.