08 August 2022
2 min read
Hi, and welcome to Banjo Loans Deal of the month
My name is Sally, and I am the Business Loan Specialist at Banjo.
This online women’s swimwear business’ mission is to promote a positive body image for women in every stage of their life. They’ve recently expanded their product range into men and children’s swimwear and activewear.
The online retailer was established in 2017 with an approximate annual turnover of 10 million dollars.
Like most SMEs during COVID-19, the brand was negatively impacted in the Australian market, and as a result, they found it was a good time to establish a market in the US. The US market has been growing steadily, and funds were required for general working capital to enable expansion.
The client had initially approached another firm for trade finance, however, they were unhappy with the terms and decided to approach Banjo Loans instead.
They were seeking an easy and fast cash flow solution, as the client was currently using their savings and tax to pay for the stock at the time.
A 24-month straight-line amortising loan of $500,000 was then provided to the client within 1 week of beginning the application process, the approval time was just 48 hours from the application submission.
As a result of Banjo’s funding, they have peace of mind that they’re not tapping into their personal savings, and the business has the cash flow and liquidity it needs for the next stage of evolution
Thanks for watching, and if you would like to keep up to date with the latest from Banjo, follow us on LinkedIn at Banjo Loans.