05 October 2022
2 min read
Hi, and welcome to the Banjo Loans Deal of the month. My name is Brendan Widdowson and I’m the Head of Sales at Banjo.
Today, I will share a recent Working Capital Loan scenario in the retail or grocery sector. This client is an established business owner, who has set up and run several IGA supermarkets and hospitality venues in NSW.
The business had an opportunity to secure a lease and establish a brand-new IGA supermarket. The newly leased land is in an up-and-coming suburb in Queensland, surrounded by several housing developments that require a local supermarket.
The client funded the fit-out of the new premises with working capital from the business, however, required additional funding to purchase stock and other equipment. A referral partner sought out Banjo to assist with this, as they knew we would be an ideal lender for this client.
Despite establishing a new business, the client was eligible for a Banjo loan as they have been successfully running the existing businesses for the past 4 years, with an annual turnover of $1.8M. Due to the business owners’ other ventures performing well, Banjo’s credit assessors recognized the strong financials and ability to repay the loan.
A $250,000 36-month Working Capital Loan was provided within 3 days of their application so the business could move forward with its new venture.
Thanks for watching. If you have any customers you feel could benefit from a Banjo working capital or asset finance loan, please do not hesitate to contact your local Business Development Manager from Banjo.