South Africa\u2019s ICT sector is set to chart a strong recovery in 2022, but structural changes may affect growth in various sub-sectors.<\/p>\n
This is according to BMIT\u2019s ICT Market Overview Sizing and Forecast 2022 report<\/strong><\/a>, which indicates the sector will recover at a rate of between 5-6% this year.<\/p>\n Having easy access to finance will be vital for SMEs to fund the investments required to take advantage of the growth opportunities that will come their way in 2022.<\/p>\n \u201cICT businesses have seen a slowdown owing to the economic impact of the pandemic.”<\/p>\n “As the sector gears up for recovery, SMEs can use business funding as a powerful tool to set their businesses up for growth in 2022.”<\/p>\n “But to do this, it\u2019s useful to know exactly what you\u2019ll need to secure business funding,\u201d says Tom Stuart, Chief Marketing Officer at Lulalend.<\/p>\n While funding can help, it\u2019s important that business owners plan properly before applying for it.<\/p>\n As part of this, they\u2019ll need to be clear on what they\u2019re applying for, how much they can afford and have a plan to pay it back.<\/p>\n To get through the funding application process swiftly and successfully, here are three tips to follow.<\/p>\n Often, businesses are rejected because they\u2019re applying for the wrong type of finance.<\/p>\n Determining your funding need is the first step in the business loan application process.<\/p>\n Lender requirements often vary for different types of funding.<\/p>\n If you\u2019re clear on what type of business funding you\u2019re applying for, you\u2019re better positioned to get approval from the lender.<\/p>\n Different lenders have their own specific requirements to process applications.<\/p>\n Traditional lenders, such as banks, typically require more documentation. Lulalend applicants only need three months of bank statements or management accounts to complete an application.<\/p>\n Lulalend\u2019s application process is less intensive than most traditional banks, helping business owners get their funding faster.<\/p>\n Working with the right funder can help business owners make the most cost-efficient funding choice.<\/p>\n Lulalend allows applicants to choose between 3-to-12-month repayment periods without any early repayment fees.<\/p>\n This flexibility helps business owners choose the most relevant terms for their business.<\/p>\n Regardless of the need, planning helps.<\/p>\n More than that, working with the right funding partner matters even more.<\/p>\n\n
Know what you need it for<\/h3>\n
Have all your required documentation ready<\/h3>\n
Plan the payback<\/h3>\n