Seizing the Opportunity: How Bizcap Helped a Small Hospitality Business in Victoria Thrive
Starting a business is never easy. There are countless obstacles to overcome, and it takes a lot of hard work, dedication, and perseverance to make it a success. This is especially true in the hospitality industry, where the competition is fierce and the stakes are high. But despite the challenges, there are always opportunities to grow and thrive, especially when you have the right support. That’s exactly what happened to a small hospitality business based in Victoria, Australia, when they turned to Bizcap for help.
The business had been operating for two years, and although they had a loyal customer base and a monthly business turnover of $146,000, they had a cash flow problem to plug. They had hit a rough patch with public holidays, trading volume was down and they needed some extra funding to get back on track.
Bizcap understood the challenges the company was facing and we were more than happy to help. We knew that time was of the essence and worked quickly to assess the company’s loan application. Within hours of submitting their application, the company was approved for an Unsecured Business Loan to the tune of $88,000.
The loan was used as a line of credit, which would be used to purchase some inventory (at a discount) which was essential for their continued growth and success over the tough holiday period – the company was able to increase its offerings and attract more customers over the next few months. The additional revenue generated by the purchase of the inventory allowed the company to pay off the loan quickly, and they were soon back on stable financial footing.
A few months later they contacted Bizcap once again for a top-up loan, to assist with the upcoming holiday period.
Bizcap was there when the customer needed them and we helped them overcome their cash flow issues.
To apply for a small business loan, click here.