The People’s Fund is a platform that funds purchase orders by using crowdfunding. The public can donate through The People’s Stokvel, which is a stokvel membership.
The aim of The People’s Stokvel is to invest in small black-owned business owners, who are also members of the initiative. If you apply for purchase order funding and get approved, you must apply to become a member of The People’s Stokvel because only members get the funding.
The partners of The People’s Fund include THUD, BrownSense, Tsogo Afrika, and Sirdar.
To be eligible to apply, the gross profit margin on your project must be at least 20%. Your client must also be on the lender’s preferred client list. You can get your purchase order financed within two to five days.
You can apply for purchase order funding of up to R1-million. The project must be completed within 60 days.
There is a repayment calculator available online. The costs on the loan will include the following:
*Fees at the time the review was written; fees are subject to change.
This is ideal for businesses that need large purchase order financing, you can request up to R1-million in funding for a purchase order. The People’s Fund provides detailed information on the costs of the purchase order being facilitated by them, including what the costs of the flat fee charged will be.
The minimum finance requirements are higher. The repayment term is short (it’s only 60 days long).
The team is available on WhatsApp and by email. To visit their offices, you must make an appointment first because no walk-ins are allowed.
Finding the right purchases for your small business is time consuming, so smesouthafrica.co.za looked at the list of options to come up with the following recommendations.