Industry: Transport
Facility Size: $800K
Background:
Located in the Central Coast of NSW, this family owned transport business has been operating for 30 years. After a tough year which included some significant bad debts, their main stream bank decided to withdraw their support which required them to refinance at short time. After eight years using a debtor finance facility with the bank, their finance broker recommended a more flexible commercial solution - FactorONE.
FactorONE Invoice Finance was able to pay out the bank and continue providing reliable working capital on an ongoing basis without any disruption. Over an 18 month period using a Full Service invoice finance facility, the business paid down its ATO obligations and got back to profitability. Delighted with the results FactorONE provided, the business then decided to a transfer their facility to a Co-operative Debtor Finance facility with ScotPac Business Finance, signifiying the reaching of a milestone in their recovery.
The result is a thriving business without cash flow restrictions or ATO debt a client who can move forward with confidence.
