Looking For Hospitality Loans Near Me? Meet Sydney’s Trusted Commercial Lenders
When business is thriving, the last thing you want to do is turn away customers because you need more equipment or stock. A local Sydney linen hire company was experiencing a huge surge in demand for their fresh sheets and towels. It came as a surprise because the hospitality industry was not expected to boom at the time. They needed finance to purchase stock fast. Frustrated by responses from traditional financiers, they searched online for ‘commercial lenders near me’- and found us!
Approval was granted in just three days! They were thrilled they could continue serving their clients in the recreational and hotel/motel sectors. We were equally delighted to help them and see their business continue growing.
Read on to learn how the hospitality industry is recovering from the pandemic and the future for this sector.
What is in Store for the Hospitality Industry Post COVID-19?
The hospitality industry (in particular) knows all too well how quickly business can boom and flatline. During the pandemic, accommodation and food and beverage outlets suffered huge losses. Tens of thousands of people were stood down as lockdowns and social distancing swept across the country(*1).
If recent statistics and forecasts are anything to go by, the future looks promising. Domestic travel and overnight trips have been the most popular options for travellers(*2).
In the third quarter of the 2020-2021 financial year(*2):
• 84% of travellers visited a location in their home state, with 71% opting for regional areas.
• Of the 72.8 million overnight trips made, the most popular city to visit was Sydney.
• Over $18 billion was spent on food, beverages, and accommodation.
One Last Challenge for Accommodation and Food and Beverage Operators
In ABC’s article, fittingly titled ‘On a Knife’s Edge,’ they reveal the most significant issue facing the hospitality sector is a worker shortage(*1).
What has caused the shortage of workers? Of the thousands of staff members who were let down during the pandemic, the majority have since moved on to other work. Cafes, pubs, bars, clubs, taverns, hotels, motels, and caravan parks are racing to find staff(*3).
A Return to Pre-Pandemic Levels by 2023!
According to Tourism Research Australia(*4), domestic tourism is set to continue growing nationwide. The outlook is quite promising, with forecasts suggesting a return to pre-pandemic levels by 2023.
This is excellent news for the hospitality industry and our clients are eager to see their customers again.
Are You Ready?
With so many people travelling locally, it is no wonder our hospitality clients have been looking into ways to expand and get ready for the influx.
• How is your hospitality business going?
• Are you ready to expand or add more staff?
• Do you need working capital to get back on your feet?
Obligation Free Consultations and Advice
From our office in Sydney, we provide financial solutions and access to commercial lending for clients across the country. If you have any questions, you are welcome to contact us.
We will do what we do best to help you do what you do best!
You are under no commitment, so please feel free to call (02) 9042 0777 or contact us online at any time.
*1. Clayton, R. On A Knife's Edge: Australia's Worker Shortage Sees Some Employers Offer $200k For Staff. ABC. 2021.
*2. Tourism Australia. Domestic Tourism Snapshot. 2021.
*3. Future Now. Hospitality. N.d.
*4. Tourism Research Australia. Domestic Tourism Forecasts: 2021-22 to 2025-26. Australian Trade and Investment Commission. 2021.