Struggling trucker couple with young kids finally gets loan to expand cattle business

CHALLENGE:

A debt-ridden couple engaged in hauling services wants to diversify their livelihood but experiences difficulties in acquiring loans from regular banks.  

OUTCOME:

The couple sought AgLend’s help and was able to clean up their messy finances, purchase additional acreage, and upgrade their cattle business.

Having a growing family and a main livelihood banks deem a bit too risky to cover can really cast a dark cloud over your dreams.

That’s the gloomy emotion a trucker couple in southeast Queensland has always felt while pondering their mounting debts, the generally rabid competition in the trucking business, and the poor credit score their application will likely earn at any traditional bank they’ll dare go to for help.

Those are lousy cards any way you look at it.

As trucker operator-owners, the couple faces stiff competition from other small, family-owned hauling service providers in the area but the biggest challenge in their sector generally comes from big transport companies that operate fleets of trucks, which can charge lower fees given the economies of scale.

To make ends meet for their growing family (already a tremendous challenge in itself), the couple also engages in cattle trading but their limited acreage forces them to graze their livestock elsewhere, requiring extra effort and additional fees (agistment).

To keep themselves from plunging into really dire straits, the couple planned to consolidate their debts (which included interest-incurring draws from credit cards) and purchase an adjacent property that will allow them to operate a fully integrated cattle business and generate better profit margins.

However, trucker-owners rarely get sterling credit scores at conventional lending institutions. Plus, a growing number of dependents doesn’t make things any easier.

Good thing the couple discovered a hidden ace yet in their sleeves: AgLend Finance.

Desperate, the Queensland couple approached the veteran finance broker. AgLend agreed with the couple’s assessment: they were really in such a big mess.

So AgLend reviewed the couple’s cash flow then probed its network of fund sources to start building some sort of emergency funds. Through AgLend, the couple was able to apply for and secure a bridge financing solution that enabled the family to purchase the property under terms that maximise sale potential.

Following debt consolidation and the acquisition of new property, the couple achieved a far better financial position and operated a more profitable and fully integrated cattle trading business. They are now steadily paying off their debts and making asset-enhancing improvements on the new property.


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