When Sydney-based design and manufacturing firm, WETT Solutions, was preparing to embark on a period of significant growth in 2018, they needed a way to make this not just possible, but viable. When WETT Solutions Managing Director, Phillip Hughes, sat down for a coffee with the Grow Finance, Executive Director, Greg Woszczalski, he knew that they were the right fit. It was immediately clear that Grow Finance had a different way of supporting clients, and that they would be a great support in the growth of WETT Solutions.
Wett Solutions originally joined Grow Finance as a trade finance customer, where the lender pays for the goods, a business wants to buy, and then the business has 180 days to repay the lender. Hughes was extremely pleased with this transaction stating “We got a better rate, had smoother transactions and we dealt with only one person. It was great.”
The next Grow Finance product WETT Solutions used was its invoice finance offering, in order to keep the company’s cash flow running smoothly while it waited for invoices to be met by clients. This made sure that when customers paid late and created large gaps between payments, the situation wasn’t stressful for the business owners, and they could still afford to pay salaries and other recurring costs. Having regular invoice finance from Grow Finance, solved cashflow issues that could have stopped WETT Solutions from continuing to flourish. However, that wasn’t the end for WETT Solutions.
The Challenge
A year later WETT Solutions needed help importing a $200,000 laser cutting machine from China. The challenge here was that if you are importing an asset, a lot of the time big banks won’t consider offering asset finance. They feel more comfortable dealing with assets locally, when it comes to small and medium sized business, which big banks already find risky. So, in order for the firm to have the opportunity to expand into new product lines, they needed some assistance from a non-bank lender.
The Solution
Grow Finance and their asset finance offering were the inevitable solution. Thanks to Grow Finance’s understanding of its clients, WETT Solutions were able to make the purchase, which has now revalorised their business. Hughes praised Grow Finance stating, “We wouldn’t be able to have machinery we’ve got if Grow didn’t have the confidence in our vision to support us”, “We were able to import directly because of our relationship with Grow and their understanding of our business.” Normally the firm would have multiple people cutting on a guillotine, but with their new laser, they have reduced their production time by half. A great outcome for the business.
The Result
WETT Solutions is now currently exploring ways they can develop further with Grow Finance’s asset finance. The firm is looking to import laser cutting machines for local distribution, with Grow Finance set to provide financing support to make it happen. Hughes now knows that with his close relationship to Grow Finance, that they can find a solution to problems that might otherwise go unsolved. And thanks to Grow Finance’s support, WETT Solution have been able to borrow close to a million dollars, helping them to fulfil their SMEs growth potential, with no barriers.
