Like a lot of business owners at this time of the year, our client reached out as they were concerned about having enough working capital to get through the Christmas shutdown.
With a decent payroll to cover, if some of their customers went into the break failing to make invoice payments they could see they’d be struggling for cash and mobilising their crew at the end of Jan.
Building and trade are considered a restricted industry for working capital loans.
What this means is many lenders cap construction businesses as a general rule and this impacts even well run businesses.
If you’re in any type of construction, getting your lender selection correct is the most important step in getting the right line of credit for your business.
There is a non bank provider, with their own funding lines, who offers an unsecured line of credit and selective invoice finance with no establishment fees, no line fees and no ongoing monthly fees.
That makes this solution ideal if you’re looking for a back up line of credit that’s big enough to support your business but won’t cost an arm and leg in fees.
Reach out if you’re worried about late payers ruining your Christmas.
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