Tradeline Steps in to Save Vital Shipping Schedule.
Industry: Specialised equipment sales
Facility Limit: $300,000 USD
Our client is a well-established sales and service provider of cranes to the marine, construction and specialty engineering and mining sectors throughout Australia. It has exclusive distribution rights to a highly sought after type of equipment imported from overseas.
The business had a floorplan finance facility with a major bank however as the business was growing they were finding the solution more and more restrictive to the point that it was hindering their growth.
Ultimately their financier chose to exit the facility leaving the client without vital funding at a time when they had already committed to several significant purchases from their overseas supplier and the equipment was being prepared for shipping.
With an urgent requirement for funding, the business’ finance broker referred them to Tradeline who were able to approve a facility of $300,000 USD with a term of 90 days within just two weeks whilst at the same time coordinate the documentation and settlement of the facility with all parties across six separate cities across Australia, Hong Kong and Japan.
Using their Tradeline facility the payment was then made to their overseas supplier in time to ensure shipping occurred on schedule. The Scottish Pacific Tradeline team were also able to introduce them to an FX dealer who secured cost savings on their FX requirements.
With their supplier and customer relationships maintained the business has been able to enhance its reputation in all countries as a leading supplier of this equipment to Australian business.