South African Singer Dr. Malinga Faces Financial Struggles
South African vocalist Dr. Malinga last year appeared on Podcast and Chill with MacG, where he openly discussed his financial problems, leaving fans surprised. Dr. Malinga’s journey to fame was modest but inspiring.
In 2011, he entered the entertainment scene unexpectedly when he featured on Dj Choice’s hit “Cassanova” and won the Record of the Year SAMAs award the following year. He began earning in 2013 with hits like “Via Orlando,” which became popular across Southern Africa.
However, trouble arose in 2022 when the South African Revenue Service seized his property to settle his R2.1 million debt, shedding light on his financial woes. Dr. Malinga blamed his accountant for poor advice on investments and tax matters.
The COVID-19 pandemic further drained his finances, and he mentioned the burden of “black tax” – financially supporting family members. Additionally, he is owed royalties for past songs, including his share from “Via Orlando.” Some fellow artists like Makhadzi and Black Coffee have extended their support to help him during this challenging time.
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10 Business Ways to Raise Money in South Africa
In South Africa, various avenues exist for raising capital to start or expand a business. Whether you’re an aspiring entrepreneur or a business owner seeking additional funds, consider these strategies:
1. Bank Loans and Business Grants
Explore loans from banks and financial institutions, as well as government grants designed to support small businesses.
2. Venture Capital
Seek investment from venture capital firms looking to back promising startups in exchange for equity.
3. Angel Investors
Connect with angel investors who provide capital and mentorship to early-stage businesses.
Utilize online platforms to raise funds from a wide pool of individuals who believe in your business idea.
Start and grow your business with minimal external funding, relying on personal savings and revenue.
6. Small Business Development Programs
Leverage government programs that offer financial assistance, mentorship, and training to small businesses.
7. Peer-to-Peer Lending
Explore peer-to-peer lending platforms where individuals lend money to businesses in exchange for interest.
8. Strategic Partnerships
Collaborate with established businesses that can provide funding, resources, and expertise.
9. Invoice Financing
Use your outstanding invoices to secure short-term financing to maintain cash flow.
10. Equity Crowdfunding
Consider equity crowdfunding to raise capital by offering shares in your company to a broader audience.
Each of these options has its pros and cons, so carefully evaluate which aligns best with your business goals and financial needs.