An innovative finance solution, made available from Silver Chef , has given new life to Dandenong’s live music scene.
The brainchild of Sean Akom, Karl Wagner and Don Kapila Chandrasena, Busk Café opened in Lonsdale St in October.
But Mr Akom said the café’s opening would have been delayed had it not been for the funding solution offered by hospitality finance company Silver Chef.
He said Busk considered financing through a bank, but was attracted by Silver Chef’s tax advantages and because the Rent-Try-Buy solution allowed them to free up working capital.
Silver Chef helps small and medium businesses in Dandenong and surrounding areas by offering the Federal Government’s temporary business tax breaks on new equipment and assets acquired under its Rent-Try-Buy solution.
The temporary business investment tax break – part of the Federal Government’s $42 billion National Building and Jobs Plan – is designed to keep the economy moving by providing extra tax relief for companies buying capital assets.
The tax breaks were providing significant benefits for business such as Busk Cafe. The Rent-Try-Buy finance solution also allows businesses to hang on to valuable working capital
Under the Silver Chef deal, the deduction will be offered on contracts for new equipment settled before June 30, 2009. When the customer decides to purchase the asset – at any time – Silver Chef will deduct the ‘cash in hand’ effect of the tax allowance from the purchase price.
For more than 20 years, Silver Chef has provided flexible finance through its Rent-Try-Buy solution for hospitality businesses Australia-wide that need equipment ranging from pizza ovens, grills and bar fridges to ice machines.