Running a new or small business can be challenging, especially when it comes to securing funding. The process of applying for funding is often time-consuming, and approval is never guaranteed, adding another layer of difficulty to the journey of entrepreneurship.
For small to medium-sized enterprises, having access to funding solves many problems. This includes increased cash flow, equipment buying and paying employees.
To help SMEs get funding seamlessly, Old Mutual has developed the SMEgo platform. SMEgo is an online resource platform aimed at helping SMEs. The platform features an innovative tool for accounting and funding.
In this article, we will explore SMEgo and its different funding features. We will look at how to get funding and how SMEgo makes it easier for SMEs to apply for funding.
What is Old Mutual SMEgo?
SMEgo is an all-in-one resource platform aimed at helping SMEs with financial operations. The platform offers SMEs a seamless way of doing accounting, making recurring payments, and monitoring cash flow.
The platform also has an interactive dashboard where you can monitor your business’ health and cash flow. On the dashboard, you will also see your funding applications.
SMEgo Funding
Old Mutual has fitted the SMEgo platform with many features including a funding tool. The funding tool aims to help SMEs apply to multiple lenders from the platform.
To apply for funding, you don’t need to fill in multiple forms to apply to multiple lenders, you just need one. Your application will be sent to the different lenders that Old Mutual has partnered with and you will be able to track your application on SMEgo.
SMEgo allows you to apply to multiple lenders all at once to take away the hassle of applying for funding. Additionally, the Old Mutual-approved lenders each have a focus on different types of funding. You can find lenders for purchase order loans, working capital loans, and equity funding.
To qualify for funding on SMEgo, you must meet the following requirements:
- Your business should have an annual turnover of at least R500 000.
- Your operation should have been operating for one or more years.
- Your business must have a trading history of more than 6 months.
- You must have up-to-date documents such as business registration, bank statements and latest financial statements.
These are just the basic requirements for funding. If you know your business meets the criteria, sign up on the SMEgo website and apply today!
Additionally, on SMEgo you can apply for funding grants. Grants are money that is used for a specific reason such as training for staff, equipment or to enter a new market. SMEgo provides funding opportunities for all use cases and SMEs.
Sign-up for SMEgo
To sign up for SMEgo, you can download the app on the iOS App Store, Google Play Store or from the Old Mutual SMEgo website. The app is free to download and free to use.
Once you have signed up for SMEgo, you need to choose a plan which works for you. The subscription plans on SMEgo are:
Basic plan – The Basic plan is free and allows access for one user.
Premium plan – This plan costs R 99,99 per month and gives access to two users. You can add up to 4 users at R 25 per user.
Premium Plus plan – The plan is R 299,99 per month and gives access to 5 users. You can add up to 20 users at R 25 per user.
All plans come with various features such as accepting online payments, sending documents via email and WhatsApp, creating invoices, receiving a credit score for your business, creating purchase orders, and generating customer statements.
To find out more about how SMEgo can help your business grow, send an e-mail to smego@oldmutual.com. You can also phone (+27)21 137 6078 or (+27)67 718 5598.
