Client – Asphalt & Construction Ltd
Asphalt & Construction Ltd are a Kiwi company operating in Nelson. They provide surfacing, drainage, and milling services in the area, helping to create roading, carparks, commercial facilities, sports courts, subdivisions, and more.
In 2017, when the firm was navigating the growth stage common to new businesses and startups, director Jarrod du Plessis turned to FundTap to help navigate cashflow concerns. They had some great opportunities coming their way but would not be able to say “yes” to them without extra funding.
“We needed access to more funds in order to take on the bigger projects being offered to us. FundTap bridged the gap for us between being a fledgling business and a more established firm, which helped us to grow.”
Jarrod also found FundTap super easy to deal with, quick, and responsive. It was a simple and accessible way to capitalise on the opportunities they were given.
And how’s this for a sign that FundTap worked as intended—the firm only used the service for four months. On-demand financing gave Asphalt & Construction Ltd the boost they needed to get their feet under them and improve their cashflow. We love making ourselves redundant!
Broker – Finance NZ
Finance NZ is an experienced and well-regarded finance adviser, providing business finance solutions to an array of customers across Aotearoa. Their client base is similar to FundTap’s: companies of many sizes and in many industries seeking finance options to help them cover costs and get into a position to grow.
A commitment to offering a full range of business finance options has seen Simon Harding, Finance NZ business partner, recommending FundTap’s unique style of on-demand finance to clients to solve their cash flow worries. He had this to say:
“With the new CCCFA lending rules bedding in, most business owners will need to look at innovative ways to fund their working capital positions. FundTap offers an efficient, quick, and easily understandable facility to assist that doesn’t interlock their personal properties.”
Simon has found that in general, small businesses often have poor cash positions. Costs paid out today, for example, may not be recouped for several months. Connecting with FundTap has allowed Simon to suggest a workable solution well-suited to young, small, and growing businesses.
One of his clients, Asphalt and Construction Ltd, had used up their trade limit on a job that was not due to be paid for another month. Simon’s recommendation of FundTap saw them borrow against the unpaid invoice, pay cash for the materials, complete the job quickly, and turn a healthy profit.
Asphalt and Construction used FundTap for a 6 month growth period. FundTap facilitated their growth and enabled them to graduate to a favourable refinance package with a major bank. Because of this, they no longer need to use FundTap, but know they can get instant finance from FundTap, on top of their bank provided term lending, should they need additional help with their cash flow in the future.
For Simon, FundTap’s simple application process is a major bonus and benefit, allowing his clients easy and fast access to funds when they need them. Having this additional tool in his belt has made it possible to create finance solutions that suit a wider range of situations—a win for all involved!