Commercial finance broker and CAFBA vice president Kathryn Bordonaro has launched a new finance broking brand that specialises in finance for the food and drink industry.
Launched by Ms Bordonaro — along with the co-founders of Allbiz Finance Brokers, Nick Michaelides and Tanya Lawrence — Foodie Finance aims to provide finance solutions to businesses within the food and drink industry.
The commercial brokerage reportedly decided to launch Foodie Finance after recognising that the sector was being underserved.
Speaking to The Adviser, Ms Bordonaro said: “Living in regional Victoria, we are really in the food bowl area. We have beef, dairy, market gardeners and lots of wonderful food makers, growers and manufacturers around us.
“I’m a bit of an amateur foodie; I love to cook and travel for anything food-related. And AllBiz has had looked after a lot of food customers through the years, so we’re already really involved and love that industry.
“But we thought that we'd show our commitment to that industry by setting up a specialised division to look after food people. And it’s having a bit of fun at the same time, too. It’s bringing a sense of humour to commercial finance, if you can believe there is such a thing!”
Ms Bordonaro explained that the needs of the food and drink industry are wide-ranging and require specialist equipment (ovens, mixers, pastry sheeting machines, coffee machines, etc.) as well as fit-outs and developments of processing plants.
She added that specialist finance brokers were necessary when dealing with commercial finance due to the complexities involved.
She explained: “I often compare it to the medical industry. You wouldn't go to a podiatrist if you had a heart problem; you’d go to a cardiologist. Likewise, I wouldn’t organise my own home loan, for example. I would go to a good mortgage broker to organise that for me.
“So, you need to find specialists in the area of finance for your needs. And we’re making it easier for those in the food industry to find the finance they need.”
The commercial finance broker and vice president of the Commercial Asset Finance Brokers Association of Australia (CAFBA) was recently recognised for her “personal effort in shaping consumer credit law for small businesses” at the Women in Finance Awards, where she won the award for Association Leader of the Year.