A WA-based crane hire company is one firm that has used debtor finance to cope with its need to expand and capitalise on the mining boom.

When the business grew its operations 300% in 12-months it realised the need for a strong financial resource to cope.

More demand for the company’s services meant more need for cranes – with resultant demand for capital expenditure and the potential to outstrip cash flow.

The company turned to debtor finance as a user-friendly financial solution and in two years the business expanded with turnover increasing fivefold.

“The use of debtor finance enabled us to carry through the turbulent period of extremely rapid growth without financial pain or risk until we reached stable turnover levels at a vastly higher plateau. This enabled us to expand and keep our financial feet firmly on the ground,” the company’s director said.

The company started a decade ago with a single crane. It today services the WA goldfields with an extensive fleet of cranes.