an Epic cashflow solution

With only one key customer many invoice finance solutions will not be suitable. Thornmoney takes a different approach providing an Epic solution to support the diversification of our client’s sheet metal fabrication business.

the client

The client is a small engineering business that’s family-owned and run. They’ve been operating for over 40 years from a regional NSW location through the ravages of fire and floods. The core focus has always been on manufacturing machinery to process sheet and plate steel. Other services include servicing and reconditioning machines and engineering services such as general machining, fabrication and industrial blasting and painting.

the challenge

Manufacturing machinery is the core part of the business and they currently have a very high amount of orders but hold ups in manufacture have heavily impacted their cashflow. Their painting and blasting services have equally been in demand through a local partnership with a balustrade manufacturer. This regular work helps diversify the business. The business wanted to leverage this relationship through an invoice finance solution but with one key customer, finding the right finance provider, has proved to be a challenge.

“ We’ve a local partnership with a key customer. By working with thornmoney, we’ve been able to unlock extra cashflow which is proving very useful and handy for our machinery business” Managing Director

the solution – line of credit

With a long-established business and experienced management team, thornmoney was keen to see if we could help. After various discussions with our Business Development Manager Aris Lockhart, an innovative solution was recommended to help realise the company’s potential. Based on their single customer order book and debtor ledger, thornmoney offered them a flexible line of credit, backed by invoices facility of up to $50,000.

an epic funding solution

Setting this business up for further success in 2022 is an epic result. Despite a 100% concentration on one customer, thornmoney was able to take the wider view. It’s clear that using invoices to enable funding without a lock-in contract works well for an engineering business and as a Xero user, the process is so easy too. Everything is running smoothly, including most importantly, their business cashflow!

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