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  • #982833
    macintosh_addict
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    Hi there?

    I started my business a few months ago and so far source from suppliers on cash terms.

    However I really want to get credit accounts with my suppliers as this will significantly benefit my cash flow.

    But all the application ask for trade references. Eg. Suppliers you already have credit account with.

    Any suggestions to help me get around with this?

    Cheers!

    #1139099
    Joel Krause
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    • Total posts: 103
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    Hi there!

    My other business (Gippsland Agricultural Contracting), I was sort of in the same situation as you (well, sort of). We had no trade references as we were a brand new business.

    We needed a credit account with some suppliers as we couldn’t possibly fork out money to purchase materials and wait for clients to pay us (our invoice terms are 30 days…).

    We spoke to our suppliers and they were happy to offer us a credit account with a low limit, this was fine for us, we paid our first account which was ~$700 and now we have an unlimited credit limit after that first payment.

    Maybe just speak to your suppliers and see what they can offer for you.

    Cheers,
    Joel.

    #1139100
    LucasArthur
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    Howdy Mac

    Another angle, if able to, is to offer them your trade reference of your Business Banker.. also, do you have a business credit card or anything? this can sometimes be an option…

    If no and they want trade accounts, explain to them your situation and ask if personal references (credit) are welcome to substantiate your character standing..

    Good luck

    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
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