Success Story – A Telco company, VIC
A Melbourne based TELCO projects company bagged a new network installations project in South Australia. The project was for a period of 90 days and required 30 technicians to be deployed for execution of the project. Since the terms of the project indicated a payment on completion only, the business owner was looking at raising funds to meet the operational costs of the project. The costs would be used towards material, cost of technicians and overall management and execution of the project over a 3-month period.
The estimated cost of the project was about $140K and the funds needed to be secured urgently to get the project underway and meet agreed timelines.
However, the business was unable to secure funds with a few lenders it had borrowed money in the past. The primary reason for this was that the business had pending ATO debts. This is when the owner was referred to Capital Boost by an existing client of ours. He reached out to our lending specialists and explained the business scenario and his challenges.
Upon speaking to the director and owner of the business, we ascertained that the business was under a payment plan to clear the ATO debt and had been regular in their repayments. This helped the team at Capital Boost create a business case along with the business owner to convince an unsecured business loans lender on the proposed repayment plan on the loan amount. Since the client also had a fair credit history, the loan application was approved within a day with minimal paperwork involved in the process.
Success high point
The $140K small business loan was secured in 2 days and the project was initiated without any delay.
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!