Cash flow benefit
When accountant Tim Brady started his own small business in 2003 it specialised in retail project management and specialist recruitment for some of Australia's largest retail chains.
Today the Credo Group has become an integral part of many of the nation's leading retailers and mining enterprises as well as servicing manufacturing, logistics and property.
Credo can put as many as 250 workers into a major supermarket or department store to have the store completely remodelled or rebranded and fitted out within three days - a massive undertaking, but one that saves the client time and money.
The group's turnover has grown on average 60% per year for the last three years.
Tim says the key to growth has been good management and a healthy cash flow.
"We need to pay our workers every week and, while we have blue-chip clients and a strong demand for our services, we know that we're likely to wait 30 to 45 days until we are paid.
Tim says Credo was growing rapidly and needed to increase the amount it was able to draw down.
"The more clients we had, the more our cash flow was being stretched and, at the same time, our relationship with the bank was also being stretched.
Scottish Pacific was invited to discuss Credo Group's requirements and Tim says the difference was startling.
"They understood our industry and they were prepared to offer a facility that will grow with our business. We have access to funds as we need them and the facility grows in line with the amount we have on our debtors ledger. It's flexible, it's cost-effective and it allows us to grow," he says.
"We have exactly what we need in our relationship with Scottish Pacific," he says.
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