To bring this vision alive and maintain their healthy cash flow, they needed funds. The business had used a secured bank loan previously and when they approached the same provider for support they were requested to put forward more security, even though the business was profitable. But John and his partners didn’t want to tie their assets up in the loan. As things align sometimes, over a cocktail one of their regular customers recommended Capify.
After applying with Capify they were offered the Merchant Cash Advance. John was pleased as they didn’t have to put forward any security and the process was quicker compared to his previous experience with his bank.
The Merchant Cash Advance repayment plan was better suited to their needs than their previous traditional bank loan too. Repayments were a small daily percentage of their Credit card / EFTPOS sales – having a minimal effect on the business cash flow. It was a relief to take away the worry of a large monthly instalment – and one less worry for a business owner is bliss.
The layout renovations improved the design and functionality of the bar allowing for a more pleasant work place for staff and improved atmosphere for patrons. The addition of the private event spaces increased the overall bar capacity and allowed The Crow Bar to cater for groups of 10 to 80 people. This opened the business up to a larger customer base including corporate customers, a new area of business they have expanded into.
John’s experience with Capify was so good he did a video with us in 2017 recommending us to other small businesses
– you can watch the video here.