We are a mining services business, supplying labour and engineering services to the underground coal mining industry in NSW and QLD. The biggest issue we have as a business is around cash flow.
We have a large workforce of employees that are paid weekly, and our accounts are paid by our customers 30 to 60 days after they are issued. This can leave a big gap between cash flowing out of the business and cash coming back in. Despite careful planning and forecasting on our part, the nature and scale of our projects can sometimes mean we experience significant cash flow stress.
We recently won the contract for a large project at a new mine and were struggling to find the initial funding to commence as we needed a workforce in place straight away.
Invoice finance provided a great solution for us as we were able to access the capital from our initial invoices immediately. This effectively eliminated the need to borrow, putting the business into a cash positive position and allowing us to stay ahead throughout the project.
Apricity Finance has a high level of service and professionalism, they are approachable, friendly and reliable.
Director, Mining Services Business NSW & QLD
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