How Plant & Machinery Finance Helped a Contractor to Revive his Business

How Plant & Machinery Finance Helped a Contractor to Revive his Business

The COVID-pandemic of 2020 left a devastating impact on businesses all over the world, including the Aussie SME sector. David Jones, a general contractor and CEO of a small construction company faced a fate similar to his peers, months of no work and no cash flow after two of his projects shut down due to lockdown. But was that the only reason he was facing such a dire fate?

After months of wallowing, he took the lockdown as an opportunity to reflect on his business loopholes to mend them and make the foundation robust. After assessing his existing assets, working capital, and cash flow graph, he realized his company lacked modern equipment and resources, unlike his competitors.

After much contemplation, he decided to apply for plant & machinery finance to rebuild his infrastructure.

But it was easier said than done! His finances were in disarray, his credit score was not that great, and there was a gap in the documentation. Who would lend him the money to buy construction equipment?

Broc Finance to the Rescue

After significant research, he reached out to Broc Finance. David was sceptical at first. He was almost sure that he would not get the funding he needed. Still, he reached out to the experts in plant & machinery finance. Our in-house team of consultants assessed his financials and company documents, the ABN, trading history, annual turnover etc. While his finances were not in the best shape, our experts had seen worse cases and helped businesses revive from the same.

After reaching out to our network of lenders, we finally found a few sources that agreed to offer the loan amount at an interest rate of 3%. David couldn’t believe he was finally getting the funding he needed. But we assured him the follow-up would not take much time since the approval phase was over successfully.

So far, he was leasing some of his machines, and the rest were not in great shape. Based on his kind of projects, he needed: 

Excavators



Graders



Mixers



Loaders



Dozers



Trenchers

But, for the moment, we recommended he choose the most essential ones that he could not do without. He followed our recommendation and accordingly applied for the loan. By the time he got his hands on the equipment, and his team was ready to jump back to work, things had started to open up in Australia.

David was ready to revive his business too.

Revival of a Construction Business Besides the equipment, David took the effort of revamping his website to reach potential clients. It took a few months, but soon he had a few small projects that were enough to get his business back on its feet. That was the beginning of 2021, by the starting of this year David had bagged two massive construction projects, the work of which is ongoing.

The plant & machinery finance we facilitated for David infused his business with the much-needed upgrade. It sparked a domino effect and owing to his

conviction and dedication he was able to rebuild his business from the grounds up.

Source: https://www.brocfinance.com.au/blog/how-plant-machinery-financehelped-a-contractor-to-revive-his-business/