Armed with a respectable finance background and strong entrepreneurial flair Trevor Gosling is one of the South African entrepreneurs that you should keep an eye on. His last e-commerce venture, 5ounces, was acquired by the Naspers group in 2013, where he continued to work as the CEO after acquisition. We recently chatted to him to find out a little bit more about his latest business venture, Lulalend.
Here’s what he had to say:
What is Lulalend?
Lulalend is an online provider of funding to all small and medium sized businesses. We want to help companies grow by allowing them to focus on their business rather than wasting time trying to access cash.
What inspired/motivated you to start Lulalend?
Having started a number of my own businesses, I realized that trying to access funding through traditional channels is very difficult and time consuming. But it really doesn’t need be. SME’s are the backbone of our economy and deserve an easy and inspiring lending process. This motivated me to develop an online site where business owners can apply for funding in minutes and receive funds in a matter of hours – so whether it’s to purchase stock, launch a marketing campaign or manage cash flow, our solution covers it all.
What is your vision for Lulalend?
Our vision is to become the go-to working capital provider for SME’s. The only way we will achieve this is by delivering a first-class service to our customers to ensure that we are number one in mind whenever they need funding.
What makes Lulalend different from a bank or a traditional lender?
First and foremost we are a tech company. We have and will continue to invest significantly in technology so that we can offer our customers the best, most secure and efficient service possible. Our key differentiators from banks and traditional lenders include:
• the speed in which we are able to assess our customers and deliver funding,
• the fact that we are online which means applications are paperless and branch visits are not necessary,
• through our cutting-edge scoring technology we are able approve more applicants
• No restriction on the use of funds
Who is your service ideally geared towards?
Our service is geared towards all small businesses whether online or offline, whether new or established, who are looking for fast and easy access to cash.
What are the requirements in order to qualify for financing?
Our minimum requirements for financing are that the business needs to have been operating for at least 1 year and must be generating revenue of at least R500,000 per annum. All companies meeting those criteria can apply and from there we assess each business individually.
How much funding can a business get and what are the repayment options?
Currently businesses can access up to R200,000 but this will increase to R500,000 within the next few months. Repayments are made in standard installments over 6 months and our customers have the option to repay early at any time and save on interest!
Lulalend is essentially an online company, so what would you say to dispel the notion that there are additional risks when clients aren’t dealing with you face to face?
There are always risks when not dealing with a client face-to-face but that shouldn’t deter progress. We’ve had to develop additional security measures to ensure we manage this risk effectively and these procedures will continue to evolve. 10 Years ago buying airline tickets online wasn’t very popular and many people did it face-to-face – but now most people wouldn’t do it any other way. We believe the same will be true for accessing funding!
How do businesses apply for funding?
It’s simple! Go to www.lulalend.co.za and click on the apply button. Tell us how much funding you’re looking for and follow our easy step-by-step application process. It should take no longer than 7 minutes to complete the application and we’ll get back to you shortly thereafter with a decision.
PayFast merchants can APPLY by logging into your PayFast account and activating Lulalend under your Settings tab.
If you’re a small to medium business looking for funding then Lulalend may just be the solution that you’re looking for.