Thank you for considering Lula to help fund your business. We know that understanding the requirements is an important part of the process, and we truly appreciate your interest. Our affordability assessment is geared towards businesses that have been trading for at least 3 months. While we currently can't provide funding for start-ups without this trading history, we see great potential in your business. Here are the minimum requirements:
- Trading time: Your business should be actively trading for at least 1 year to show stability and commitment.
- Turnover Criteria: Your business needs to have a minimum annual turnover of R500,000 and a monthly turnover of at least R40,000.
- Registered business: We specifically look at businesses that are registered in South Africa.
- Sole traders: If you are a sole trader, your business must be VAT registered or associated with one of our partners like Takealot, Yoco, or Nightsbridge.
Even if you don't meet the funding eligibility right away, we have a great alternative: a free Lula business bank account. By using this account, you can open up potential funding opportunities based on your account activity.
Before you move forward, please make sure of the following:
- Your private company or closed corporation is registered with CIPC.
- Your enterprise status with CIPC is active and not in the process of deregistration.
- If you’re a sole proprietor, have your unique tax reference number ready.
If you're interested, you can start your application by following this link. Alternatively, feel free to reach out to us via email at bank@lula.co.za, including your preferred contact number, and one of our friendly team members will be happy to assist you through the process.