A promoter had been badly affected by COVID and weather events, having to pay out over $200k for ticket refunds and bar-cost cancellations from just one cancelled event. Over the last 3 years they had incurred over a million dollars in refunds and cancellations. However, their business model was solid, with a successful event attracting 8k-12k of festival attendees, each spending $120 a head on tickets and 80% profit on bar sales. They were planning their 2023 festival tour and needed $200k of working capital to secure the artists and suppliers for their Sydney and Gold Cost venues.
Make it Cheaper was able to fund the deal by splitting the unsecured working capital loan across two lenders for $100k each, to be repaid over 2 years, repaid weekly. The deal was approved in 2 days and settled with funds released in one week.