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2020 has been tough on the manufacturing sector in South Africa. According to Stats SA, the manufacturing industry contracted by 74.9% in the second quarter of this year and all 10 manufacturing divisions reported negative growth rates.
We had the privilege to sit down with Quintin Van Vuuren, Executive Head of Lending at Vodacom Financial Services, to discuss the local manufacturing sector and how localisation will be a key driver of growth in this sector. First and foremost, Quintin believes that there is a glimmer of hope in the economy now that lockdown restrictions are being eased and the borders of our country are being opened. Certain areas of the market look set to swing back to local production, as the disruption of trade during lockdown compelled businesses to think differently about importing foreign products.
This means that local manufacturing businesses need to prepare themselves to meet the impending demand for their products from the local market.
The trend of 'localisation'
According to Quintin, 'At VodaLend we are passionate about supporting the growing trend of localisation and believe that with the right, quick funding we can build resilience within the local manufacturing industry. In fact, the VodaLend Business Funding Solution was perfectively positioned to step-in during the pandemic and assisted many businesses with their cash flow. Most importantly, we will continue to do so, now and well into the future.'
The digital, mobile friendly and superfast lending solution
'Our digital end-to-end SME lending platform provides small businesses in South Africa with access to funding. The solution is completely digital, mobile friendly and superfast when compared to other financiers in the country.”
The funding application itself is very simple, taking less than 10 minutes and VodaLend provides responses to applications within hours of receiving it. Funding on approved applications is paid to the applicant within 24 hours. The process is simple, as Mpho Masemola from M6T Seal Cargo says, 'Within 48 hours, we had the R250 000 loan we needed.' VodaLend is able to provide the funding required for the progression of your manufacturing company. Whether you need a large boost of capital, or if you need an automated production line for your product, they really can help.
You can also call 082 1960 and press option 6 or email email@example.com. A decision will be given within minutes – no paperwork, no waiting and no commitment. Then the decision is up to you. The funds can be in your bank account within 24 hours and repaid in standard instalments, or you can choose to pay early with no penalty fee.
Disrupting the traditional financial services industry to benefit SMEs
Quintin firmly believes that VodaLend has been able to make a difference in the lives of many business owners, as they are achieving what they initially set out to do, which is to disrupt the traditional financial services industry to benefit SMEs. VodaLend is committed to playing integral role in shaping a rejuvenated manufacturing industry in South Africa. Take your business to the next level with no paperwork or complex applications; our funding is tailored to suit you. Let’s manufacture your business future together.