Bizcap Customer Insights: Funding Retail

Bizcap Customer Insights: Funding Retail

Posted by: | Partner

Date: August 17, 2020

Industry: Retail
Client Location: VIC & SA
Introduced by: Broker
Initial Requested amount: $50,000
Purpose of the loan: Ecommerce

One of our Broker Partners in SA, introduced us to a client named Paul that owns 2 Bricks & Mortar Retail Bike stores, one located in SA and one in VIC. 

Paul was looking for an initial $50,000 loan to reinvigorate his eCommerce presence in light of COVID restrictions, at the time his average monthly turnover at the time was sitting at $52,000. He had a pending application with a private lender who was failing to provide him with an outcome fast.

Within an hour of being introduced to Paul, one of our Account Specialists had walked him through the application process and received all the relevant documentation for our credit team to assess his file. 

We made Paul an offer within the day for a Starter Loan of $34,000. A Starter Offer at Bizcap is a proof of concept product, where assuming the customer can show consistent repayment history and cash flow improvements then we can look to increase the loan at around the 5-week mark. 

Paul took the initial $34,000 and was able to show good general cash flow management and repayment history over the first five weeks of his loan. Our credit team then reassessed him for the additional funds he was after and was able to provide im with an additional $50,000, totalling a cash injection from Bizcap of $84,000. 

Since the initial loan, Paul has had several loans with us, some to assist with marketing but many to support stock purchasing given the changes to Invoice payment terms from suppliers. The capital injections made possible by Bizcap has allowed Paul to pivot his businesses significantly and increase his average monthly turnover from $52,000 to $95,000 in just a few months.

Bizcap has maintained lending throughout these changing conditions and is still assessing every business on an individual basis. We’re steering clear of a blanket approach to lending and going in with the view of wanting to support the growth of SMEs at this time genuinely. 

If you have clients that are looking for fast access to capital, can show they still have revenue and have a plan to scale back-up; refer them to Bizcap and get them the support they need. 

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