Turnover:
$1M
Facility Limit:
$250K
Background:
This established wholesaler of Asian foods has supplied specialty grocers and retail food stores for almost 20 years. The business had predominantly been run by the directors (a husband and wife team), however a decision was made to ramp up operations. To positon the business for new orders and improve efficiency, several more staff members were hired. This brought with it payroll obligations that the duo had not factored into their cash flow planning. On top of this, tax arrears of over $40K were continuing to mount up.
FactorONE was able to provide the cash injection necessary to continue the organisation’s expanded operations. Our working capital solution ensured that wages can be paid, stock can be purchased, statutory and creditor payments are kept up-to-date and directors can continue to win new orders. Furthermore, the business owners can access funds without the need to provide property as security – credit grows in line with turnover.
The peace-of-mind that debtor finance can offer business owners is often overlooked. No longer are the couple behind this wholesale operation kept awake at night, worrying about financial issues. This leaves the duo free to focus on strategic decisions, to help grow the business even further.
