Franchise equipment funding specialist Cashflow It is entering the franchise funding market after forming a partnership with financial services company, Thorn Group Ltd.
Cashflow It will still operate as an independent small business with a sole focus on the franchise sector but with the resources and backing of a large public company.
Thorn Group is a leading Australian provider of financial services, meeting the needs of niche consumer and commercial markets. It is an ASX 200 company with more than 80 years in the finance industry.
Thorn Equipment Finance general manager Matt Ingram will sit alongside Cashflow It founder and managing director James Scurr on the franchise fund specialist board.
Scurr highlighted what the partnership means for the franchise market.
“Due to the significant capital resources we now have, Cashflow It has expanded the financial solutions it can offer franchisors and franchisees.”
Traditionally Cashflow It specialised in equipment finance through rentals, leases and chattel mortgages, funding new equipment, used equipment, fit-outs, store refurbishments, re-financing, and national equipment roll outs.
The tie-up came about because Thorn had previously tried to get into franchise funding space, Scurr said. “The company saw that’s our niche, and saw the established relationships we have."
“Previously capital was always in short supply, now we have unlimited capital and can afford to do more flexible and more traditional loans and mortgages.
“We can cater for what the franchisee wants,” Scurr said.
And that might just be a simple business loan.
“We can fund franchisees for things we wouldn’t before because there was no equipment involved.”
And Scurr prides himself on the simplicity of the funding process.
“Every week we get franchisees saying to us, why are you so much easier to deal with?
“It’s because we only focus on the franchise sector and we have excellent knowledge on a large number of franchise groups.”