South African businesses have been heavily impacted by the COVID-19 pandemic and lockdowns instituted by the government.
This has had a devastating effect on their cashflow and ability to continue paying staff and suppliers.
For these businesses, financial services provider VodaLend can help.
VodaLend, part of Vodacom’s Financial Services division, offers businesses an ecosystem of convenient digital finance solutions which can be applied for online.
The 10-minute online application process doesn’t require complex annual financial statements or in-depth paperwork – and businesses will receive a decision on their application within minutes.
Once approved, VodaLend will then ensure businesses receive their financing quickly and seamlessly, in certain cases within 24 hours after the application has been processed.
Finance solutions for SMEs
Quintin Van Vuuren, Executive Head of VodaLend, said that small and medium-sized businesses need finance solutions which match the modern environment in which they operate.
Easy online applications, faster turn-around times, and the ability for a company to access cash quickly and with minimal effort are therefore key components of how VodaLend operates.
“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 application scoring criteria and rates to meet the individual attributes of the business,” said Van Vuuren.
“Our minimum requirements for funding are much less intensive than those of more traditional funders.”
The minimum requirements for a South African business to be eligible for VodaLend funding are:
- The business must have been operating for at least one year.
- The business must have an annual revenue of at least R500,000.
Van Vuuren added that as small businesses feel the impact of rapid economic movements more severely than larger corporate institutions, they need financial solutions tailored to cater for this.
“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.”