Request for working capital loan leads to invoice discounting referral for Horowhenua Plasterer
A Horowhenua solid plasterer wanted a working capital loan from his bank. They were unable to grant his request and so referred him to us in August '06. He signed up with
the interface financial group
system that we use for our invoice discounting clients.
It was some time before we heard from him after that. Sometimes people sign up with the flexible Interface system just in case they need it, and then dont' use it. This is free to do. There is no obligation to sell any invoices to Interface. In February '07 though, the plasterer contacted me. He was ready to take on some fairly major contracts and knew that, as he could not get a business loan from his bank, that he would need to use the Interface facility.
He has used his invoice discounting facility regularly throughout the year. At the time of writing (Nov '07) he had received over $200,000 in short term working capital from us. This had allowed him to cope with rapid growth in his business through the year and accept some major contracts.
This client can now either continue to grow his business using Interface or reduce his use of the system once his turnover stabilises at a higher level.