Article written by Aiden Sookdin (Vodacom World)
We have a responsibility to make a difference
The global pandemic has reshaped the world as we know it. Small businesses that were geared for success suddenly hit a brick wall. Today, they are in for an enormous uphill battle. According to the Heavy Chef #COMBATCOVID SMME Survey in April this year, 3 out of 4 business owners across a range of industries have indicated that their businesses will not survive prolonged lockdown restrictions beyond 1 July 2020.
As a serial entrepreneur myself, I know first-hand how much time and effort goes into putting a business loan application together. The knot that forms in your stomach, while you wait days, weeks and sometimes even months for approval. It’s all just highly stressful and cumbersome.
Finally, after all the effort, it’s utterly disheartening when a loan application is eventually rejected because your small business doesn’t carry the same financial and credit scoring credentials as large corporate institutions.
The World Bank recently reported that under current market conditions, SMEs are less likely to access finance from traditional banks than larger firms. As a result, many desperate business owners have already turned to friends and family for the additional finance they need. However in a world where companies are closing and salaries are disappearing, we are once again looking to innovation and technological solutions to re-invent the SME financing process.
Innovative funding models to help SMEs
Quintin Van Vuuren, Executive Head of VodaLend at Vodacom Financial Services believes that SMEs operating today, require easy online funding applications, faster turn-around times on application approvals and the ability for the business owner to access the cash they need quickly and with minimal effort.
“Small businesses feel the impact of rapid economic movements more severely than larger corporate institutions. SMEs don’t have large cash reserves, or teams of accountants managing their budgets and cash flows. SMEs can’t afford to waste resources, money and time when applying for business finance. That is why we’ve focused on providing businesses with an effortless end to end digital experience when applying for finance.”
With VodaLend, business owners can apply for finance online, from any smart device, from anywhere in the country, in less than 10 minutes. The VodaLend online application process doesn’t require complex annual financial statements or stacks of paperwork. Best of all, 30% of applications receive a decision within minutes. Successful applicants could have the cash in their bank accounts within 24 hours of applying.
Quintin explains, “I believe that as an innovative financial services provider we have a responsibility to provide assistance based on the company’s individual application. That’s why in certain cases, we adapt our criteria and rates to meet the individual attributes of the business. Our minimum requirements for funding are much less intensive than those of banks. ”
So, if you’re a South African small business that’s been operating for at least one year, with an annual revenue of R500 000 and have consistently earned more than R40 000 a month for the past six months, this funding solution could be perfect for you. Click here to put the four step application process to the test.
Four steps to apply for business finance in under ten minutes
With VodaLend Business you can potentially access up to R1.5 million in funding, plus free legal assistance in less than 10 minutes.
- Click on “Apply in 10 minutes” and follow the easy steps
- Link and upload your financial history to your profile
- Click “Submit Application” – Once you’ve done this, you need to verify.
- Verify and submit your application using your preferred email address