As a small business owner, seeking funding is a crucial aspect of running your business. Whether it’s for purchasing equipment, paying employees, or fulfilling purchase orders, securing financing is often necessary to keep your operations running smoothly. To help small businesses cope with the hassle of applying for funding, Old Mutual has introduced SMEgo.
By applying for funding on SMEgo, you can get up to R 20 million in funding. To apply and get approved, you will need to download the SMEgo app. The app is free to download on the iOS App Store and the Google Play Store.
Let’s explore how SMEgo simplifies and accelerates the funding application process for SMEs.
What is Old Mutual SMEgo?
SMEgo is a comprehensive resource platform designed to support SMEs, offering tools for cash flow management, funding, and business insurance. It enables you to easily create essential financial documents such as invoices, statements, delivery notes, and quotes. Additionally, SMEgo allows you to conveniently send these documents and invoices directly to your customers via WhatsApp. SMEgo also allows you to track your payments and link to your bank accounts.
Why Apply for Funding on Old Mutual SMEgo?
SMEgo simplifies the funding application process, saving you time so you can focus on running your business. Through a partnership with Old Mutual, the platform connects SMEs with a variety of lenders offering tailored funding solutions, including business loans, purchase order financing, and asset finance. On the SMEgo platform, you can easily track the status of all your funding applications, monitor their progress, and quickly see whether they have been approved.
To ensure high chances of approval, you need to meet the following criteria:
- Have a trading record of more than six months.
- Have a minimum annual turnover of R500 000.
- Be a registered business with the CIPC.
- Have the latest bank and financial statements.
Apply for Funding on Old Mutual SMEgo
Step 1: Funding Questionnaire
In the funding section on SMEgo, you will find a simple questionnaire to help guide you. This questionnaire consists of questions such as:
- How much funding do you need?
- Is your business registered with the CIPC?
- What is the BEE level of your business?
- What is your business revenue over the last 12 months?
- How long has your business been active?
- Which industries your business has worked in.
- Why do you need the loan?
Step 2: Choose your Funders
Once you have answered all the questions, SMEgo will direct you to the lenders that align with your funding needs.
Once you have seen your lender options, you will know which one has the best offering for you. Keep in mind the interest rates, how long the funds take after approval, and the instalment rate.
Note: Before continuing you will need to confirm that you have permission to apply for funding on behalf of your business.
Step 3: Monitor Application and Approval
The final step in the application process is to monitor your application and check on its progress. On SMEgo you are able to see whether your application has been approved, under reviewed and if it’s still in the application phase.
If your application has been approved, you will receive your funds and terms of agreement. The terms of the agreement will *indicate you how much you need to pay back and when the instalment needs to be paid (monthly, weekly, fortnightly or daily).
Once you have signed and approved the deal, the funds will be directly deposited into the account you provided.
Note: The bank account can be for your business or a personal account.
With just a few clicks, you can seamlessly apply for funding on SMEgo. If the options provided are not for you, you can start again and SMEgo will give you other options. Don’t wait long, register on SMEgo and get funding quickly and easily!
For more information on SMEgo and how it can benefit your business, send an e-mail to smego@oldmutual.com. To speak to a SMEgo consultant, call (+27) 21 137 6078 or (+27) 67 718 5598.
