Fast Growing Kitchen Manufacturer Needs Growth Capital to Take on Major Project
A young entrepreneurial cabinetmaker in a major Australian city had a fast-growing business. He had the opportunity to take on some new major work but he did not have the capital to fund the next step in his business growth.
It looked as though he was going to miss the chance to take on this new work, which would have been regrettable because it was a potential “game changer” for his business.
He went to various banks and finance companies, none of which was prepared to help him. Finally, a finance broker who was unable to assist him through a bank or other traditional source,suggested he contact Nova Business Finance to see if they could help him with some funding to expand and take on these new contracts.
Nova was able to find a way to verify the work was completed so that the unpaid sales invoices could be used as security to release working capital to the cabinetmaking business so they could meet all their expenses.
Nova was able to process his application within 24 hours and offer him a facility that allowed him to take on the new work and even larger projects, with the confidence that he would be able to pay his wages and fund the acquisition of stock and parts required for each project.
Tags: Business Growth Capital, Factoring Finacne for Buisiness Growth, Finance for Business Expansion
The new client was able to turn his $300,000 of unpaid sales invoices into working capital for his privately owned business.
He was able to take on new staff, take on new contracts and larger jobs with the confidence that he would be able to pay his bills, when he needed to, because of the receivables finance facility he had in place through Nova Business Finance.