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funding gap emerging markets
South Africa

LEO Garments 2

  • Lulalend
  • Invest in a Financial Institution
  • + 209 other investors
  • With a loan of EUR 75,000 LEO Garments will be able to further increase the manufacturing of overwear and related products for safety, security, military, uniform and promotional industries.

    €75,000
    Amount
    4.25%
    Interest
    12 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€75,000
    Interest4.25%
    Maturity12 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 3 hours on 7 September 2020.

      Summary

      Warning

      In the coming period there are different conditions for this partner. More information can be found here.

      • The interest rate has been temporarily increased by 0,5 percentage point to accommodate the growing uncertainty associated with COVID-19.
      • In addition, this investee is allowed - provided they continue to comply with the applicable covenants - to refinance future repayments to Lendahand investors with the funds raised from this project.
      • Repayments occur after 12 months, not after 6 months (grace period).

      Lulalend is a South African SME lender. The company is built on the belief in the power of small businesses and strives to empower businesses throughout South Africa. Lulalend's loans are characterised by speed, convenience, and easy application. This is achieved through the company's automated online platform.

      Information document issuing entity (NL)

      Information note issuing entity (BE)

      Trevor Gosling is the company's founder and has been its CEO since inception in 2014. Trevor is a chartered accountant with 7 years of experience in investment banking as well as 3 years experience in structured finance. Before starting Lulalend, Trevor found and succesfully exited an e-commerce venture.

      With this loan Lulalend will be able to provide working capital to LEO Garments.

      Leo Garments has been manufacturing protective overwear and related products for safety, security, military, uniform and promotional industries since 1983. The experience gained since 1983 has equipped them with the technical knowledge to manufacture protective overwear and equipment to the highest standard through consistent innovation and investment in technology, machinery, process and people.

      Leo Garments is a fully black empowered company and engages in employee development programmes and also contribute to worker academic improvement programmes by way of study grants. Leo Garments is always mindful of its corporate social responsibility and contributes generously to various charities in both time and financially.

      Company nameLEO Garments 2
      CEORavesh Rama
      Founded1983-01-01
      LocationDurban
      SectorManufacturing / Production
      Turnover€1,141,531
      Employees140

      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 10 jobs are created
      • With this investment 400 lives are improved

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      We have already contributed to LEO Garments 2

      Cees van Iperen
      baukje prins
      Peter Boot
      Frieda Soetenga
      Tessa Schaper
      + and another
      209
      investors