Sydney’s destination yarn store approved for 100K in 1 week

• Loan amount: 100K
• Loan type: Business Overdraft
• Used for: New premises and inventory

Skein Sisters—owned and directed by passionate crafters and long term friends, Deb and Janine—offer a range of thoughtfully selected yarns for contemporary craft making in Australia, New Zealand, the UK, US, Ireland, Europe, Canada and South America. They have a store based in NSW but also sell a wide range of yarns and accessories online.

In addition, Skein Sisters run knitting and crochet classes for the local community and feature yarns from indie dyers on a monthly basis. Recently, their business completely took off. In fact, they were selling so quickly that they had to turn their retail store into a second warehouse to hold stock.

Usually, their NSW store would convert into a creative space for like-minded crafters to gather together, chat, knit and share crafting tips. Unfortunately, due to limited space and COVID-19 restrictions, they had to put all classes on hold. The plan for Deb and Janine was to invest in a new warehouse as soon as possible to commence business as usual.

After initially reaching out to a couple of banks for funding, they were either turned down or offered finance with a very long, impractical turnaround. That’s when Deb and Janine reached out to Valiant. They were referred to our lending expert, Nick, who took the time to understand their business and carefully review all options available. Ultimately, he found a solution that not only took Deb and Janine’s needs into account, but also offered a much more reasonable timeframe than initially proposed.

“For the majority of our customers, timing is crucial. They’re wearing multiple hats everyday and have ridiculous schedules, so waiting around for months at a time for a potential finance approval is just not practical. When Deb and Janine reached out, I was confident I could find a faster solution than they had been offered.”

Nick ended up securing a business overdraft totalling 100K in just one week. This was enough money for Deb and Janine to secure a lease for a second warehouse, where they were able to create a new office space and pick up their popular craft classes once again.

They were also able to stock up on inventory, giving them a head start for the new year. Deb and Janine were extremely thankful for the fast turnaround, and were an absolute pleasure to work with. We can’t wait to see what’s ahead in 2021 for Skein Sisters! Check them out on Instagram, Facebook or at www.skeinsisters.com.au.