The industry: Steel Fabrication
The Australian Invoice Finance team would like to welcome this broker referred business based in south western Sydney that provides steel and metal manufacturing and fabrication for telco’s and other manufacturing businesses.
The business has operated for about 12 years or more and had been previously factoring for 10 years with another factoring company however, recent changes at the other factoring company meant the client needed a new funder.
There were a number of issues in the company including ATO arrears on a payment arrangement. The clients sales has declined following a car accident involving the Director. By partnering with a new positive financier at Australian Invoice Finance, sales are improving and the client is primed to grow with our support of the growth.
This client is suited to factoring finance, needs cash, has some challenges in the business, was not bankable and had a poor relationship with the existing financiers.
Manufacturing and fabrication is one of the industries most suited to invoice finance, as these businesses have large wage and input costs to deal with while waiting for their clients to pay.
The business is rapidly growing and requires additional working capital to support growth and fund upcoming workflow. The business was not operating profitably and the incumbent financier was unwilling to support.
Through the assistance of the finance broker, the business was given appropriate funding to assist the management of this growing business.