First investment? Get €500 guaranteed with code GOODSTART.
Find out how
funding gap emerging markets
South Africa

Ilundi Designs

  • Lulalend
  • Invest in a Financial Institution
  • + 97 other investors
  • With a loan of EUR 32,600 Ilundi Designs is able to move to a bigger studio and purchase a new leather cutting machine.

    €32,600
    Amount
    3.75%
    Interest
    12 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€32,600
    Interest3.75%
    Maturity12 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 10 hours on 19 February 2019.

      Summary

      The business started as a hobby in her garage and grew into a business due to demand for the leather products. Ilundi Manufacture and sell genuine leather bags and accessories. Having 3 stalls in Cape town: Neighbourgoods market, V&A watershed and a studio in Salt River, Cape Town. Ilundi products are labours of love. They can take up to 14 hours to make by hand. Every hole is hand punched and every stitch hand sewn. No sewing machines are used. They prefer to do things with just their hands, which is the hard way but also the best way. They sew their products with the reliable saddle stitch, which is one of the oldest stitches used in leather work and also use a waxed thread for extra durability and added wear protection. Ilundi hires staff that are unskilled and trains them to be the best. Currently having 4 employees.

      The business grew organically in the beginning, and from year 3 onwards it has grown over 100% each year. The business faced different challenges from year to year. In the beginning, the main challenges were general business administration and juggling multiple roles by herself. Then midway the main challenge was bridging capital. Now, as there growing rapidly, it is project management. With the Lulalend funding of R150k, the company was able to move to a bigger studio, purchase a new leather cutting machine and hire more staff to support the growing business.

      Company nameIlundi Designs
      CEOSofia Stodel
      Founded2013-01-01
      LocationCape Town
      SectorWholesale / Retail
      Turnover€130,310.51
      Employees4

      Impact

      More than 40% of SMEs in Africa mention the lack of financing as the major factor limiting their growth. To help overcome this challenge, Lulalend offers access to funding to SMEs in South Africa by delivering working capital within 24 hours through their automated online platform.

      Easy access to working capital increases productivity and job creation, both necessary conditions to reduce poverty. A formal job creates impact on income and enables regularity of wages, allowing a family to plan for the future, save money, and improve access to credit, housing, and children’s education. It can lift unskilled workers out of poverty and allow skilled workers to enter the middle class. Therefore financing SMEs with growth potential is one of the key ingredients for inclusive growth.

       

      SDGs impacted

      With this project you are contributing to the following Sustainable Development Goals:

      SDG 1. No poverty

      SDG 8. Decent work and economic growth

      Read more about the impact you can make through our platform and the SDGs on our impact page.

      • With this investment 1 jobs are created
      • With this investment 4 lives are improved

      Sorry! You must be logged in to view this page.

      Sorry! You must be logged in to view this page.

      Sorry! You must be logged in to view this page.

      Sorry! You must be logged in to view this page.

      Sorry! You must be logged in to view this page.

      We have already contributed to Ilundi Designs

      Edwin Tofield
      Willem Huiting
      Marc Sierink
      Yvonne van der Laan
      Elke Krekels
      + and another
      97
      investors