With a stated goal of Helping South African Businesses Grow, FundingHub (through its network of Alternative Lenders, banks and partners) proudly celebrates significant achievement over its first year of trade – helping to secure over R100m of funding since July 2017.
“We launched the Beta version of our online application process in June 2017 with a very clear vision of providing local companies with a Plan B in relation to their funding needs,” says co-Founder, Marilynn Leonard. “Many Business Owners are not aware of Alternative Business Lenders, which range between 40 to 50 in South Africa – our platform helps them make that connection.”
Why Alternative Lending?
The purpose behind a Business Loan is varied and, certainly in many instances, the one-size fits all approach of traditional lenders do not necessarily deliver the best fit-for-purpose product to Business Loan Seekers.
Business Loans vary substantially and include product types such as Term Loans, Secured or Unsecured Loans, Invoice Discounting, Purchase Order Finance and several other key products . . . and, often, the process can take a very long time.
The Alternative Lending space tends to be a faster, more efficient and effective way of securing business funds (from approved and proven lenders) without having to jump through a thousand hoops.
Simplicity = growth
“Being a new business ourselves we are fully aware of how critical it is to have reliable access to the right funds at the right time,” says Leonard. “Our deep understanding of what it takes to make a business tick – and the strength of our partner network – has helped us deliver over R100m in funding in a very short space of time.”
The need for a service like FundingHub is certainly there and with 90 deals (nearly 2 a week) and an average deal size of R320 000 after only 12 months of operations, there is certainly lots to be positive about, for all parties concerned.
“Our growth is directly related to our loan applicants’ success rate,” says Leonard. “We’ve had a good start but I think we’ve only just scratched the surface of what is possible . . . and that’s good news for everyone.”
Unsure of what type of loan is right for your current business requirement? Use FundingHub’s free online application process to access a host of approved alternative lenders and secure the right funding for your business today.