Previously in the Australian Surety Market, Underwriters would only consider companies with turnover in excess of $30m (realistically $50m) with net assets of $5m.
We now have available to us, an “A” rated Underwriter who will consider companies with turnover of $20m. This is unprecedented in Australia.
This means that the smaller quality companies and sub-contractors will now be considered for a Surety Bond Facility, providing the same benefits as the larger companies are currently enjoying.
If you meet the following criteria or you know of a company that meets the criteria, do not hesitate to contact us:
• Revenue of at least $20 Million per annum (an average of $20 Million over a 3 year period);
• Must have a minimum net tangible worth of $1 Million;
• Positive cash flow;
• Positive working capital;
• At least 3 years of continuous profitability;
• Operating for at least 5 years.
The Underwriter is also able to provide Bank Fronted Guarantees (within the Surety Bond Facility) should a Surety Bond not be acceptable to a Principal, which allows the Surety Bond Facility to be deployed more efficiently.