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Finally a solution to simplify financial management for SMEs

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Finally a solution to simplify financial management for SMEs

There's a simpler way to stay on top of your cash flow

Last updated: Wednesday, 25 May 2022

Cash flow can make or break a small business. Understanding it and managing it well is critical to the health of an SME and, if truth be told, the sanity of the business owner. 

It’s common knowledge that entrepreneurs are hungry for solutions to simplify financial management. That’s why Lulalend, the game-changing SME funder founded in 2014, has developed a new business-banking platform called Lula, which is designed exclusively for SMEs and will offer the support business owners need on their financial-management and business-growth journey.


SMEs, like Leon van Vuuren's, owner of Optique Optometrists, employ up to 60% of the private sector workforce in South Africa, says a McKinsey study. Image: Lulalend

YOUR SME IS VITAL TO OUR ECONOMY

In 2022, SMEs made up 98% of all businesses in South Africa, according to a McKinsey study. These businesses, in turn, employ 60% of the private-sector workforce and contribute about 40% of the country's GDP.

Our country's economic development depends on the success and growth of our SMEs. Yet it’s a constant battle for small businesses to get an overdraft quickly, unlock funding or access meaningful support from traditional financial institutions.

“In South Africa as a small business, you’ve got to jump through hoops to get funding from anywhere. The banks talk a big talk, they don’t walk that talk,” says Jennifer Classen, founder of 12-year-old procurement and sourcing company Ngaphaya Y2K10.


SMEs make up 98% of all businesses in the country, but they get very little love from traditional banks. Image: Lulalend

DO YOU EXPERIENCE THESE 5 FINANCE FRUSTRATIONS?

There are 5 common financial management headaches owners of SMEs experience:

  • high and hidden fees charged by service providers;
  • long and painful funding-application processes;
  • poor customer service;
  • lack of easy-to-use tools and guidance to help make better financial decisions; and
  • long account-opening processes that require to go into a branch (in age of digital).

LULA IS THE SOLUTION; FIND OUT MORE

SMEs, from start-ups to established businesses, can now choose to find out more and be amongst the first to open a Lula account when it is launched.

Lula has been developed to solve all of the common frustrations described above. Using the experience gained from providing SMEs fast, efficient and pain-free funding, Lulalend has built a powerful financial-management platform that will simplify cash-flow management, giving business owners more time to focus on what really matters – growing their business.


Lula is designed specifically for SMEs of all kinds, from start-ups to established businesses looking to grow. Sign up to get early access. Image: Lulalend

YOU DON’T WANT HIGH FEES

Cost for this. Costs for that. Where is this cost coming from? 

Lula brings transparency. Customers will have the option of a zero monthly cost account, or a premium account that will include unlimited, free, EFT transactions and card swipes.

Across both account types, transaction costs will be very competitive compared to other banks’ fees. As important, any fees and charges will be transparent and openly shared. No surprises! 


Cashflow is king for a small business, says Willem Haarhof, co-founder of DoughGetters Accounting Group. Image: Lulalend

YOU NEED INSTANT ACCESS TO FUNDING

Why should it take 6 months to get an overdraft? 

Through Lula, business owners will have instant access to business funding – up to R5 million. And opening a Lula account will be done completely online, within 10 minutes, no need to go into a branch.

“Cash flow is probably the most important ingredient in business,” says Willem Haarhof, co-founder of DoughGetters Accounting Group. “That is where Lulalend has been a revelation in our business.”


Phaedon Gourtsoyannis, founder of Cape Coffee Beans, says finding someone who can help you think about cashflow early and as you grow is very important. Image: Lulalend

YOU WANT HUMAN-CENTERED SUPPORT + TOOLS

Traditional banking institutions are notoriously slow, impersonal and ineffective when servicing their customers. No one seems invested in your journey as an owner, and it’s usual to be passed around multiple departments before even a simple problem is resolved. 

There will be real humans, who care about your business, to talk to at Lula, plus Live Chat for instant responses. Queries, email or otherwise, will be resolved in 24 hours. 

Premium account holders will have a dedicated customer-experience manager, a one-stop shop where they can get all their que and issues resolved.

All account holders will have access to easy-to-use, AI-driven tools to help you make better business decisions, such as being able to see your cash flow in one place and getting alerts when you’re about to run low on funds.

SIGN UP TO FIND OUT MORE: TAKES 1 MINUTE

Lula is designed to help all South African small-business owners:

  • Sole proprietorships
  • Start-ups
  • Registered small businesses; and
  • Established businesses looking to grow

Sign up to find out more. It will take less than one minute

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HELPING SMALL BUSINESSES GROW

Need extra income? Koinexpert will guide you to success.

CapeTownMagzaine.com helps SMEs by featuring – and activating – a new business every week through the New Places Project.

In 2021, we partnered with Lulalend on the Small Business Spotlight.

Where you could nominate a small business you respect to win interest-free funding.

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