GoGetta backs Eternity Meat

Non-traditional finance firm GoGetta says its innovative finance model recently allowed Victorian road transport company, Eternity Meats, to expand its trailer fleet to meet growing customer demand.

The owner of Eternity Meats, Alistair Sadler, said the company had relied on old and outdated trailers that were beginning to adversely affect its business – for example, the meat hanging rails at one client's meat processing plant were incompatible with those of the older trailers, making goods transfer a laborious process.

When Mr Sadler heard another freight company, Wickham Freight Lines, was selling two used FTE fibreglass meat-hanger trailers, he knew he had to move quickly – but soon found the companies from which he already leased trailers and equipment were unresponsive to his urgent request for finance.

"When you grow quickly, you get to a point where your financial exposure is such that your lenders don't want you taking on any more debt," he said.

Mr Sadler then approached GoGetta, a specialist equipment funder in the transport sector, after a recommendation from a finance broker. The decision allowed him to get his business back on the road, improve efficiencies and enhance his bottom line.

With GoGetta's assistance, Mr Sadler was able to secure the trailers. He now pays $800 per week in rent for one of the trailers, but he says it pays for itself through the income it's generating.

"We've used GoGetta as a tool to get where we need to be," Mr Sadler said.

"It allowed us to quickly get the trailers on the road and working. Had we waited six months until we had more equity in the business, we would have missed the opportunity."

GoGetta says its funding is unsecured, dispensing with the need to put up property as collateral. And, because the payments are off balance sheet, the arrangement doesn't affect the company's ability to borrow, keeping other lenders happy.

Visit www.gogetta.com.au for more information.