Armed with more than 26 years of experience and a strong entrepreneurial drive, Al Siders launched Network Data Systems, Inc in 1997 to provide IT infrastructure consulting and integration services to organizations that have complex IT environments.
“We experienced extremely rapid growth,” says Siders, “and earned lasting relationships with large clients like Fifth Third Bank and US Cellular.” Despite this success, the company fell upon hard times in the wake of the dot-com bubble burst and September 11th. “During this period, sixty percent of the IT industry went out of business—it was a rocky road” adds Siders.
Network Data System’s bank could not support them in this downturn and sent them to find alternative financing. After a year of struggling with another lender, they found Bibby Financial Services, and the partnership proved to be the perfect solution to get them back on their feet.
“At the time, what we needed was flexibility,” says Siders “and a lender that would work with us on challenges the industry had thrown at us. Bibby provided that.” Bibby Financial Services supplied them with accounts receivable financing, which is more flexible and quicker than a traditional bank loan. This type of lending is often used for interim financing by companies that are dealing with short term problems.
“Bibby maximizes cash flow, which enables companies to fulfill their obligations and facilitates growth until they are ready to receive long-term financing from a bank.” says Gail Reints, Chief Executive Officer for Bibby Midwest. “One of our primary objectives is to help the client qualify for long term, affordable financing–in the industry this is referred to as getting a client bankable or re-bankable.”
To help Network Data become bankable, Bibby Financial provided flexible and tailored solutions. Sider’s explains, “If situations we didn’t foresee developed, we were always able to talk to Bibby and work through issues – and that meant a lot to us.” Through their relationship with Bibby, Network Data Systems has succeeded in weathering the industry’s downturn.
Siders has recommended Bibby to others in his situation, citing his own story as proof. “For the past year and a half, Bibby helped with operating capital, and now we are back to the point where we can move to a bank again.”