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FSA GROUP LIMITED — Capital/Financing Update 2010
Jun 28, 2010
64948_rns_2010-06-28_213e7626-7894-4450-b446-e055e1472ccd.pdf
Capital/Financing Update
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FSA GROUP LIMITED
29 June 2010
Westpac renews and increases funding facility to $25m
FSA Group is pleased to announce its limited-recourse factoring finance funding facility has been increased from $15 million to $25 million by Westpac Banking Corporation. The facility has also been renewed for a further term until June 2012.
Executive Director Tim Odillo Maher said “Our factoring finance loan pool has grown to over $11 million. We have a disciplined approach to origination and this has seen us maintain a conservative loan to assigned receivables ratio of 55% to 65% with all assigned receivables credit insured. There has been no loss of lenders capital since inception of this division.”
Mr Odillo Maher added “We are experiencing high quality demand for factoring finance. This facility increase will enable us to continue the growth of our factoring finance lending activities to small business clients. We are targeting a loan pool of around $20 million to $25 million by the end of the 2011 financial year”.
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On behalf of the Board Duncan Cornish Joint Company Secretary
FSA Group Limited Head Office Level 3, 70 Phillip Street Sydney, NSW, 2000
Phone: (1300) 660 032 Fax: (1300) 660 050 [email protected]
ASX Code: FSA