The Australian Invoice Finance team would like to welcome this Perth based mining maintenance services business where we approved a new invoice finance facility limit of $1M to help them keep on top of cashflow requirements and other costs specifically for stock purchases.
The Industry - Mining Services
Mining Services is one of the industries most suited to invoice finance, as these businesses have large wage and input costs such as high level of inventory carry to deal with while waiting for their larger mining company clients to pay.
What is happening :
The business is rapidly growing and requires additional working capital to support growth and fund upcoming workflow. The business had experienced rapid growth under a new MD who required additional funding to support the growth. The incumbent financier was unwilling to support so we stepped in with an increased facility.
Through the assistance of the team at Australian Invoice Finance, the business was given appropriate funding to assist the new management of this up and coming business venture to achieve their goals.
The business is owner-operated by husband and wife Directors with a team of 9 staff plus contractors. They are located in Queensland. The business recently won a two larger sized contracts but had insufficient working capital to service the fuel and salaries required to fulfil the contract.
Many invoice financiers including the banks can have difficulty in funding sub-contract transport companies. Not Australian Invoice Finance so we stepped in with a facility to fund the transport company’s invoices at 80% with a maximum debtor concentration of 75%. Our client is now easily servicing their new contract and looking for more customers.
The directors of the business are now thinking if only they used debtor finance in the past life would have been so much easier. They only discovered the service of AIF following a discussion with a competitor. The rest is history.