Kitchen equipment, getting funding for 2018
Catering businesses can have volatile trading but according to the latest findings from Australian Food News, Australians are eating out and buying fast food more than ever. So 2018 could be a great time to look for growth in this sector. Here's how Classic Funding Group helped a supplier to the catering trade who wanted a flexible solution for their kitchen equipment rental business.
A Victoria based company has grown steadily since starting up in 2014. Their start up phase was funded by the banks but for 2018 they approached a broker for what other finance options were available.
The business was looking for additional finance to purchase new equipment.
Classic Funding Group Solution:
- $100,000 Equipment Finance approved over a 36 month term
- Goods purchased encompassed a wide range of kitchen utensils and equipment
- Use of echosign to speed up the document approval
Few lenders are happy to finance kitchen equipment as it is difficult to recover the assets in the case of default. Classic Funding Group thinks differently looking at each case on its merits. This client had a good credit history and put in a deposit. It is always worth a conversation on how to finance equipment for the catering trade.