Emily and Geni Kreca, the dynamic duo behind Kreca Built + Designed, have been transforming properties for 17 years. However, their journey has been anything but smooth, particularly when it comes to managing cash flow gaps.
“Cash flow is a major challenge for us,” Emily explains. “We’re constantly renovating properties and can go for months without income.”
This uncertainty makes access to growth finance crucial for their operations, and despite their extensive experience, securing financing has proven to be a daunting and time-consuming task.
“Applying for loans feels like taking on another full-time job,” Geni shares.
“We spend anywhere from 40 to over 80 hours on each loan application dealing with paperwork, engaging with various lender representatives, and navigating diverse collateral requirements.
“Small businesses like ours need to access finance in a simple, quick and easy way – this will help us with our cashflow challenges and support our growth.
“We want to spend time growing our business, not stressing about excessive documentation keeping and paperwork.”
NAB Region Manager for North West New South Wales, Laura Salkeld, said her team worked diligently with customers to understand needs for their short, intermediate and long-term growth and diversification.
“Our bankers are really skilled in this field, especially when it comes to providing support and guidance along the application process,” said Laura.
Laura said that while financial literacy is paramount for business customers to really understand the drives of cash flow in their business, many owners were time and resource poor and it was up to her and her team to be available to assist when needed.
“It’s also essential that when customers provide their financial literary documentation in the form of business plans and cash flow projections our bankers understand how the financial requirements match their goals.
“Our Digital Business Lending platform is also providing online opportunities for our customers to access lending through digital channels and apply for a loan in the comfort of their own homes. If they are looking to have support through the process, the bankers and our Quickbiz team can support with the application in real time.”
Like many small business owners, Emily and Geni advocate for reform in the financing process. They believe that streamlining the loan approval procedures would make a significant difference.
“We need policies that simplify access to finance for businesses like ours,” Emily urges.
As they continue to navigate the complexities of funding, the Kreca couple remain hopeful that changes in the lending landscape will provide them—and many small businesses— with the support they need to thrive.
