Industry: Transport.
Facility Size: $650K.
Background: This well established, family-owned transport company had survived some tough trading conditions which had left their cashflow very tight. This was exaggerated when their customers began dragging out payments well-beyond the standard 30-day credit terms. With a focus on paying wages and key fuel suppliers the business had been unable to keep up to date with ATO payments, leaving them with significant arrears.
FactorONE approved a facility within 24 hours which enabled the business to make a lump sum payment to the ATO & negotiate a payment plan to cover the balance. With the ATO satisfied and the regular cashflow generated by the FactorONE facility, the directors were able to focus on growing the business.
