Success Story: Electrical Contractor, Sydney
Having started a business in electrical contracting about 3 years ago, Mark was keen to see his company become a renowned name in the electrical contracting space in Sydney. Since new business is predominantly dependent on word-of-mouth referrals, it is critical for Mark to ensure that he delivers the best with every project he takes up.
“In our business, clients do not compromise on quality of products and timelines. Any deviation from these would mean unhappy customers, leading to negative reviews and loss of business for us.”
Most of Mark’s projects need him to invest upfront in procuring the necessary material and manpower to deliver to his clients. Since the payments are received mostly after the completion of work, it would often take a month or more after he had made a significant investment in a project to receive his payments. Due to the high costs involved, it was often not possible for Mark to take up large projects. This was hampering the growth prospects and ambitious growth targets he had set for himself.
“I would often receive calls from prospective clients who were referred to me for projects that I simply couldn’t take up owing to the scale. I simply didn’t have the funds to take up a project and complete it without any advance cash available to me. It was sad to see a business go, but I had no options.”
The turning point
When Mark was approached by a client recently for a large project, he was sure that he didn’t want to let go of the opportunity. Not just because the project was a lucrative one financially, more so because the client was a reputed construction company and a successful delivery of the project meant repeat business for him. Moreover, if he managed to deliver a good job, this would be a great reference that he could take to similar businesses.
Since the project cost was estimated at about $350K, Mark decided to approach a few non-bank lenders in the market for an unsecured business loan. This would ensure that he would be able to initiate the project and repay the existing loan in a timely phased manner.
However, due to a pending legal issue on the credit file, the application was rejected by a couple of non-bank lenders he had approached. This is when Mark was referred to Capital Boost.
We met Mark at his office to understand the extent of liability of the pending legal issue. After a detailed discussion, we built a strong case backed by proper documentation to support the applicant’s claim for a loan. Since the prospect of his growth and ability to repay the loan on time was convincingly presented, we were able to secure the loan for him on time to initiate work on the new project.
Success High Point
Not only did the lender approve the application for $350K, it also led to a successful execution of a complex case like this in just 4 days.
Do you have a similar story? We would love to help you secure the loan needed to grow your business. Reach out to us on 1300 360 530 or click on the link to Apply Now!