Product: Short term cash facility
Purpose: Purchasing a vehicle
If blueberry cheesecake and organic chocolate ice-cream sound good to you, chances are you'll love the menu at Retreat Bar. An exciting young business run by a stellar team, Retreat Bar is a food truck focused on s'mores, s'moffles, shakes and coffee. Based in Queensland, Retreat Bar are a community-focused business, bringing people together through (really tasty) food and drink.
Getting a food truck up-and-running is no small feat. Fortunately, the owners and their families have a background in hospitality and understand the demands they're likely to face in the food business. In anticipation of searching for finance, the team prepared a robust business plan to guide the setup, and conducted market research to ensure they understood their future customers.
Purchasing and fitting out a vehicle can be expensive, and hospitality often attracts a suite of licenses and requirements to ensure the food preparation areas meet hygiene and safety standards.
The owners worked closely with one of Valiant Finance's experienced credit specialists, Harry, who spent time learning about the business in order to make a product-agnostic recommendation. With the assistance of our advanced matching algorithm, Harry was able to save the business owners hours of researching. Harry was able to offer the owners a range of options tailored to their business, with recommendations based on their personal preferences.
When it came time to submit the application, it was quite a difficult transaction given the business was in the early stages of development. Harry was able to help the owners convey their vision for the business to their chosen lender, giving the application the best chance of being approved.
In many cases, equipment finance can be an affordable alternative to an unsecured loan, as the equipment being purchased can be used as security for the loan. This can reduce the interest payable on the loan as it gives the lender greater security.
If you're looking to purchase a vehicle for your business, equipment finance might be a great way to help you do it.
Give us a call on 1300 780 568 to explore your options and find a winning solution.
Jacob leads the Working Capital team at Valiant. He is the go to guru for assisting small business owners with their everyday business finance needs.