SME lender Fifo Capital is doubling down when it comes to its presence in Western Australia, appointing a new head of client acquisition.
Bowler said he was excited about joining Fifo Capital and looked forward to working alongside director Western Australia Jason Starcevich (pictured above centre) and the team to help more brokers and their clients easily access working capital solutions.
Starcevich said Bowler’s appointment would help rapidly increase the uptake of additional clients in Western Australia.
“Now is a key time for businesses to be able to access working capital facilities from Fifo Capital,” Starcevich said. "Our lending book is currently expanding rapidly and we're looking forward to working with Jimmy as we continue our growth trajectory."
Starcevich said the role of working capital funding was more important than ever.
"Western Australian businesses need access to better finance options so they can support their growth plans and solve their cash flow constraints,” he said.
Bowler's appointment comes after Fifo Capital recently boosted its corporate team with the addition of a new senior BDM, head of marketing and finance manager.
Fifo Capital said Western Australia was experiencing a surge in working capital demand from businesses after the government stimulus-induced hit had ended.
“Particularly invoice finance and payables finance from companies operating within the transport, mining services and construction subcontracting industries,” said the non-bank lender.
WA had a number of significant mining projects underway, along with major civil-works infrastructure to commence over the coming years. Construction projects had been temporarily placed on hold during COVID-19 due to the inability of contractors to secure adequate labour.
“As these projects commence, we will see another leg-up in working capital demand for the subcontractors on these jobs,” Fifo Capital said.
In April, Fifo Capital partnered with Givvable to open sustainability-linked options for small businesses and reward them with better finance rates by leveraging their ESG credentials.
The lender said it anticipated a two to threefold increase in demand for its lending facilities over the next 18 months.
The company said the current landscape for working capital lending space had changed significantly over the past two years, with many companies fortunate to access JobKeeper government-guaranteed business loans, ATO reprieve and debt repayment forbearance. However, this had now come to an end and companies were returning to draw cash flow funding from non-bank lenders such as Fifo Capital.
“We are now experiencing several tailwinds from a lending perspective with the ATO now commencing traditional enforcement activity, which was temporarily placed on hold,” Fifo Capital said. “Government-guaranteed business loans are now mid-way through being repaid and payment terms of invoices from large corporations are beginning to revert to normal commercial terms (30-45 days).”
In what has been a year of growth and achievement, Fifo Capital recently won two major awards at the WeMoney Business Awards 2022 – Best Business Loan Award and Best Trade Finance Award.
“We are absolutely thrilled to be recognised for our efforts in the business lending and growth solutions space,” said Wayne Morris (pictured above right), CEO of Fifo Capital. “Our commitment to helping businesses reach their goals is our top priority and we are honoured that the WeMoney Business Awards have recognised that.”
Morris said the award win was a testament to the growing recognition of the role working capital solutions played in the business community.
"It's taken a while, but we're finally seeing the Australian business community catch up to the likes of the UK and Europe with more Australian businesses taking advantage of working capital solutions and appreciating the powerful benefits that these alternative finance options provide businesses,” he said.
“We are passionate about helping businesses succeed. Our solutions are tailored to each business’s needs and providing them with the resources to reach their goals. We’re proud that the WeMoney Business Awards have recognised our efforts.”
