CAPE TOWN – A private sector driven task force to provide small businesses with instant financial assistance to survive load shedding was launched in Cape Town on Friday.
The “SME Loadshedding Task Force” was launched by Lulalend, a fin-tech business that offers business funding to South African small businesses and which counts the World Bank Group’s International Finance Corporation (IFC) among its investors.
The IFC is a triple A-rated financial organisation working alongside the World Bank and other partners across 100 countries to end poverty through investment promotion and business finance.
Lulalend CEO Trevor Gosling says the task force was set up to prioritise applications and provide an almost instant response to businesses in crisis due to load shedding. Many small businesses do not have the necessary backing to survive such interruptions. Lulalend is stepping in where traditional banks are failing to come to the rescue of small businesses in need of emergency financial assistance.
Under normal circumstances, funding applications are processed by Lulalend within 24 hours. The emergency task force will however fast-track the process further for businesses that are severely affected by Eskom’s power interruptions.