Indigenous Business Australian (IBA) has introduced a new invoice finance product to allow Indigenous-owned businesses to take advantage of new contract or sales opportunities that may otherwise be out of reach.
IBA’s acting CEO Wally Tallis said this is a fantastic addition to IBA’s suite of products that will provide certainty to buyers and strengthen the competitiveness of Indigenous businesses.
‘It’s not uncommon for businesses to lack the capital to be able to grow, however invoice finance will provide Indigenous businesses with cash flow based on the value of credit sales or major contracts to allow them to grow’, Mr Tallis said.
Aligned to the business’s cash flow cycle, contract or sales activity, invoice finance provides the necessary working capital to enable the business to finance the usual costs of delivery, such as wages, inventory, raw materials and transport costs.
This new product provides a range of benefits and features that includes; reliable cash flow, online access, cash injection and financial confidence to make decisions about strategic development, such as business planning, securing competitive trade terms, fulfilling substantial orders and pitching for new business opportunities.
The facility is provided at very competitive rates compared to an overdraft, or similar facilities in the market, and without the need for property security.
One such business benefitting from this innovative product is Street Feast, a family owned and operated mobile business that sells fast food at markets, festivals and other events around Melbourne and nearby regional areas.
Dale and Jennifer Vocale said the invoice finance product provided us with cash flow to help minimise the impact bad weather can have on our business and continue our growth into the wholesale area in selling to local pubs, restaurants and cafes.
‘I cannot stress enough, how much cash flow is vital for a small business to allow growth without the pressure to cover immediate expenses and ongoing growth expenses, this then allows further business growth without financial restraints’, Dale Vocale said.
‘Any Indigenous businesses interested in applying for this product, get in touch with IBA like Dale and Jennifer did and IBA will help you with the needs of your business and provide you with an indication of pricing and the facility structure’, Mr Tallis concluded.
For more information on this product, contact IBA at [email protected], 02 9207 6367 or visit iba.gov.au/invoice-finance
Media contact: Daniel Hughes 02 6110 2731 or [email protected]