South African Fintech startup SMEgo has launched a platform that will make business funding and grants easily accessible to founders and small business owners. According to SMEgo, the platform will “radically simplify and streamline the SMME funding application process for both SMMEs and funders.”
A spokesperson for SMEgo, Rowan Spazzoli said, “Finding support in the form of funding needs to be simplified to get SMMEs back on their feet. Running a business in these times is difficult enough, finding support should not be.”
Users accessing the platform will be prompted to complete a questionnaire providing SMEgo with their company particulars.
From a funder’s perspective, iAfrikan reports that SMEgo will allow organizations to list all available funding opportunities on a single platform and manage the application process online.
Spazzoli said, “The technology behind the platform determines which of the listed funding opportunities are suitable for the SMME. It then indicates what documents are required all the while highlighting any outstanding information.”
The Coronavirus pandemic has negatively impacted many industries, hence many small businesses in South Africa are facing challenging times. The CombatCovid SMME survey revealed that one out of three SMMEs had reduced salaries between 75% and 100% and that the prolonged lockdown would result in 71% of SMMEs needing to retrench their staff.
According to SMEgo, below are some of the benefits that small businesses can expect from using their web platform:
Benefits to SMMEs:
- SMEgo saves time for business owners – by working with funders, the accuracy of the application process is improved, ensuring all applications meet data requirements.
- Apply once for all applicable funds – SMMEs can utilize a centralized platform that stores all business information in one central source allowing owners to apply for different appropriate funds immediately.
- Help SMMEs find funding opportunities that are relevant to them.
- It provides continuous feedback from funds on a SMMEs application status.
Spazzoli concluded saying, “In addition to navigating fund application submissions, the platform will allow SMMEs to update business profiles, mentor SMME owners as their business grows, as well as facilitate training.”
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