Business was booming for BusFunEvents, whose annual turnover had just reached $1.5 million. They were now waiting for the final $80,000 instalment to be paid by their top client so that they could pay their contractors and secure the venue for their next major event.
A company – let’s call them BusFunEvents – was excited about business. A conference for their top client had been so successful that several attendees were now talking to BusFunEvents about running their conferences and functions.
Now all that remained was for their top client to pay the outstanding amount of $80,000, which would give them more than enough money to pay the contractors and secure the venue for their next major event.
Then word came that their top client had just entered voluntary administration. This was a disaster. If they couldn’t secure the venue or pay the contractors, their next planned event for another client would be cancelled and their reputation would be severely damaged.
A friend of one of the BusFunEvents directors recommended they talk to Nova Cash Flow Finance about their innovative invoice financing solution. If BusFunEvents applied right away, they could save face with their contractors and still secure the venue. And the finance wouldn’t require real estate security.
Whilst Nova was not able to fund the invoice to the customer that was in Administration, it was able to fund other customer invoice to help solve the cashflow hiccup
Once BusFunEvents’ finance had been approved, they forwarded their new invoices to Nova Cash Flow Finance. Within 24 hours, they had received up to 90% of the invoice amount.
Nova Cash Flow Finance’s simple invoice finance solution saved the day. BusFunEvents was able to pay everyone on time, secure the venue and continue hosting events.
And because it was an ongoing arrangement, BusFunEvents no longer had to finance venue deposits themselves and now had more funds available to grow their business.