Article by Lulalend
If you’re like most businesses, January is an especially tough month.
We know running a business is never easy. But our data shows us the first month of the year comes with a unique, and trying set of circumstances.
A few businesses we’ve spoken to say they’re struggling to pay suppliers after a slowdown in December.
Others need fast access to finance to manage the Valentine’s Day rush, a new contract, or an unexpected business expense.
This is when simple, quick business funding sets SMEs up for success in the new year.
And here’s where a credit facility comes in.
Think about it.
What difference would it make in your business if you could access up to R1.5 million whenever you needed it?
“User-friendly, efficient” business funding
A lack of funding holds businesses back. Not only that, but cash flow challenges place business owners under immense stress. Instead of jumping on opportunities to grow, you’re up at night, worrying about how to pay unexpected expenses.
And you’re not alone.
The Global Entrepreneurship Monitor report found access to finance was one of the biggest obstacles to business growth. It’s why more and more business owners are using our credit facility to purchase stock or quickly add new team members when they take on new contracts.
One of them is Stefan Jordaan, the owner of Expidor 147, a wholesale supplier of dental products. When Expidor 147 experiences a growth spike, Jordaan taps into his Lulalend credit facility. “The whole process (of accessing funds) is user-friendly and efficient,” said Jordaan. Instead of having to re-apply for business finance, Jordaan accesses his line of revolving credit whenever he needs funds.
The cash is available immediately.
Here’s a few other reasons why so many of our customers use our credit facility:
- You only pay for the funds you use
- You can settle whenever you want, no early penalties
- You pay no monthly admin fees for having the facility
- And because the facility works like revolving credit, the capital amount becomes available again after every debit order.
You want fast, flexible business funding
Tracy Kukard, business funding specialist and account manager, said many businesses prioritised easy access to funds.
“A lot of businesses like to have month-to-month access to a lump sum of funds that they can access at any time when a particular business need arises.”
What this means is that if a business secures a new contract that requires more staff or equipment, for instance, they can tap into their revolving credit facility.
“Businesses across industries are applying for the credit facility”, said Lene Schlebusch-Kemp, business funding specialist and account manager.
A major draw is the facility’s flexibility.
“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.”
Unlike credit options with traditional lenders, Lulalend’s facility imposes no initiation, admin, or credit life charges.
Credit facility FAQs
Here are answers to some of the frequently asked questions you’ve had about our credit facility:
How do I apply for a credit facility?
If you’ve previously taken out funding from Lulalend, the application is even easier. Because your financial information is already linked, the process of assessing your eligibility for our credit facility is even faster. Contact firstname.lastname@example.org or speak with your dedicated account manager for more.
If you’re not an existing Lulalend customer, apply within minutes here. Funding is approved in 24 hours.
How soon can you access the credit facility?
Once you’ve completed your profile, which includes making sure your financial information is complete, you’ll be able to withdraw from your credit facility.
How do I withdraw from my credit facility?
Log onto your Lulalend profile and go to the Credit Facility tab. You will see the available amount that you are able to withdraw. Select the amount and click “Withdraw now”. A legal agreement will be presented to you to sign online. It’s as simple as that.
Where can I get more info about Lulalend’s credit facility?
You can read more about how our credit facility works here, or you can watch this quick video which sums it up in a few minutes.