Securing Success with Spotcap

December 3rd, 2018

Connective Case Study: Outdoor Sporting Goods Store

Andrew Turnbull, Founder of North Capital Finance, thrives on providing highly effective finance solutions for his clients. So, when one of his clients recently needed funds urgently for her family-owned outdoor sports business, Andrew headed straight to Spotcap on the Connective Asset Finance lender panel for a smart, simple and unsecured business loan on a tight deadline.

Scoping the scenario

Leading up to the busy holiday period, Andrew’s client needed cash for a large volume purchase commitment with a major supplier scheduled for Tuesday. With only three working days remaining, Andrew called Spotcap, asking if this kind of turnaround was even possible. Spotcap assured Andrew that their team of underwriters would easily be able to assess his application before the deadline, provided that all documentation requirements were met.

After the client sent in their application on Friday, Spotcap was able to approve a loan of $100,000, and the client was able to draw down the funds by Monday lunchtime.

Andrew said: “The client was thrilled about the fact they could drawdown the loan at any time – it allowed them to get cash when they needed it the most!”

The quick approval gave his client peace of mind, allowing them to maintain a great relationship with a major supplier and prepare for success throughout Christmas and into the new year.

The benefits of working with Spotcap

Andrew also noted the ease and simplicity of applying for an online loan with Spotcap.

He said: “The application focused only on relevant financial information and involved an analytical assessment of the business’ situation, which meant the client’s deal could be processed and funded before most major banks would have even picked it up”.

In a time when traditional lenders are largely under-servicing SMEs in Australia, Andrew said that “speed and flexibility are two major factors in what businesses look for in any finance facility”. In Andrew’s opinion: “With the current climate playing havoc on lending criteria, it was a breath of fresh air to find a lender such as Spotcap, who meet the needs of our clients at highly competitive rates.”

Spotcap Partner Sales Manager, Yuan Chong, said: “I’m thrilled to have worked with Andrew on solving a client problem on a tight timeframe. This month I’ve seen a particularly strong demand for working capital loans at the $100,000 mark, having personally worked on five separate approvals for clients of my Connective partners around Australia.”

Partner with Spotcap today!

Can you think of any clients that would benefit from a business loan leading up to the holiday season? Partner with Spotcap today!

If you’d like to know more about Spotcap or servicing business clients using the Connective Asset Finance offer, chat with your local Connective Broker Support Manager today.