Pursuing his childhood's fond memories helped Queensland's Lou Moore get approval for a $187,000 government start up loan to pursue his cattle ranching dreams.
Living on the Sunshine Coast while attending high-school saw young Louis fall in love with the lifestyle after his parents purchased a cattle ranch. He spent most of his spare time on the property, enjoying all it offered. Now that he is older, he wants to enjoy everything that being one's own boss has to offer within this environment.
"You have freedom to achieve your goals," Lou said of his experiences as a small business owner thus far, "as well as being able to make the executive decisions relating to the business."
In pursuit of his dream, Lou has leased some land from his parents so that he may begin his own cattle ranching operation. This small business is still in its infancy, but is "showing very positive signs of becoming a success," as he put it.
And yet, his small business wasn't growing fast enough. He knew he would need some additional business financing to spurt business development along, so he went looking for the help he needed.
Lou's need for additional business financing took him online, whereby he came across the Australia Business Financing Centre (ABFC.) The ABFC is an independent organisation that provides helpful resources to aid entrepreneurs locate the funds their small businesses require.
"Through the ABFC, I found the appropriate channels to be able to apply for funding," this bold rancher explained. He is certain he would have eventually found the information regarding appropriate Australian government funding on his own, but using the ABFC admittedly made it easier for him.
Lou's ranching efforts were approved for a Queensland government QRAA First Start Loan, providing the entrepreneur with $187,000 in business loan money. Applying for funding required he have 50% equity and prove his business was sustainable.
The rancher explains the loan application he submitted was very thorough, and largely resembled a standard lending contract, such as you would see via a bank or other commercial lendinginstitution. "From the initial application date for funding, it was approximately six months before any guarantee of funds was achieved," Lou informed us.
"The whole process was very thorough," he continues, "at stages it was frustrating, as you're dealing with lots of people who have very limited on ground experiences relating to the industry, though the first two points of contact were very helpful. They have had previous experience in the cattle industry."
With the government loan's help, Lou and his cattle ranch have been able to "expand quickly," he claims. If he had not been approved for this government assistance, the rancher has no doubt he would be stuck in a cycle of slow growth that could impede his venture's success.
Lou currently employs several contractors to help out, and he knows that any additional growth will largely rely upon sufficient business financing. However, there are always external factors beyond his control to consider, such as the state of beef markets, the season, and so on.
Using his own experiences with entrepreneurship and government funding as examples, Lou suggests other small business owners seeking government assistance "Keep trying -- there is something out there for you."
Would you like to get funding to develop your business idea? There's money available now for qualified existing and start-up businesses. Phone toll-free 1800 813 863.
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