Ventureburn is hosting a new webinar series in partnership with Bridgement, a fintech startup that assists SMEs to replenish cash flow via an easy-to-use online platform.
South African fintech startup, Bridgement, helps SMEs replenish cash flow within hours following an intense lockdown period
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In preparation for the webinar, Daniel Goldberg, CEO, and co-founder of Bridgement explains how Bridgement can assist local SMEs to recover from the devastating economic impacts of Covid-19 and the lockdown.
Considering an SME typically has two to three months’ worth of cash reserves, it’s a sad reality that Covid-19 has had an especially devastating impact on small business owners and their employees. Now that we’re in stage one, businesses are reopening, and payment holidays are coming to an end, it’s imperative to replenish your cash flow and get the working capital you need to operate.
A few years ago, it would have been easier said than done to hit the reset button, with banks taking on average three to five weeks to provide funding to SMEs (in the few instances where they approve the applications at all).
But now fintech companies, such as Bridgement, have stepped in and developed products that cater to the needs of SMEs specifically.
Daniel Goldberg, CEO of Bridgement outlines the importance of funding for SMEs and startups in South Africa.
“Funding is consistently rated the number one need of SMEs across South Africa, and cash flow is unsurprisingly the top reason for business failure. In a post-Covid world, this is truer than ever.”
The power of funding
By offering simple and flexible business funding online to small businesses across South Africa, SMEs can rebuild or expand their operations, take on bigger projects, and bridge gaps in cash flow.
Bridgement currently has three funding options tailored to different business needs:
- Business Loans to cover those once-off business needs;
- Line of Credit facilities for flexible access to revolving credit to cover ongoing needs; and
- Invoice Finance facilities to assist SMEs with late-paying clients and unlocking funds tied up in their unpaid invoices.
By weaving together traditional funding and revolutionary technology, Bridgement’s automated application process takes two minutes to complete. SMEs apply by connecting their accounting package or bank account, and letting Bridgement’s tech do the rest – no paperwork, no hassle.
And because the start-up knows that time means money, you’ll know whether you’ve been approved and have access to funding within hours – 9.2 hours on average, to be exact. “Our record to date is getting funds into a first-time client’s account within 90-minutes of them starting their application.
This is a game-changer for SMEs in need and sets the benchmark for SME funding in SA. Eventually, we’ll get our turnaround times to a matter of minutes,” says Goldberg.
Zero fine print, zero hassle
There are no ongoing monthly fees, no hidden costs, and no penalties for early settlement – quite the opposite. Bridgement rewards early settlement by discounting the remaining portion of the finance costs.
As a business owner, you are in complete control of your facility and can access it whenever you need to, or have it available for a rainy day. With their simple pay-per-use facility, you only ever pay for what you need, when you need it.
Bridegment’s cutting-edge tech has allowed them to process applications requesting funding amounting to over R3.8-billion so far. The fintech startup promises to deliver fast, convenient and seamless service to SMEs every time.
While the majority of your interaction with them will be automated, you can rest assured knowing there are humans on the other side of your screen to help whenever needed.
Webinar details
Date: 29 October 2020
Time: 11am
Register here: https://zoom.us/webinar/register/WN_1RWaGB2KR2uCNyX06u1xTQ
This content has been created in partnership with Bridgement, a company that assists South African businesses solve their cash flow problems by offering instant working capital facilities online.
Read more: Four local business incubators that support local SMEs
Featured image: Daniel Goldberg, CEO and co-founder of Bridgement (Supplied)
