Bibby Financial Services (BFS) announced that it funded 81 new clients in Q3 of 2017, providing $23.8M in commercial lending to small and medium-sized businesses (SMBs) in North America. BFS Canada brought on 24 new clients and BFS U.S. brought on 59 clients in Q3. There are more new clients in this quarter with funding lines over $600K, indicating a growing demand for funding amongst medium size businesses. BFS notes that many of its clients are preparing for the business challenges that come with the end of year seasonal product demand by procuring additional production equipment and materials and increasing staff.
According to the BFS 2017 Global Business Monitor report, 63 percent of SMBs expect their sales to increase in the next 12 months. However, business owners cited three business challenges that remain a prevalent concern: rising overhead costs, lack of skilled staff and not enough time to run their business successfully. Alternative financing solutions like factoring, invoice discounting and asset based lending can have an immediate, positive impact for businesses experiencing these pain points.
“Most of these new clients came to us with visions of growth, but their existing funding lines were either insufficient or too inflexible to meet their cash flow needs. Some of them simply needed a way around the back office burdens impacting their businesses which traditional bank loans can’t provide. Helping businesses thrive is what we do best and is what keeps clients coming back and referring other companies to work with us,” said Daniel Rodrigue, National Head of Sales for the U.S.
Prominent financing solutions delivered in Q3 included:
ABL, Factoring and Transportation Finance
- $1M AR facility to a Nevada wholesaler/distributor of innovative consumer products
- $1M AR facility to a Mid-Atlantic transportation company expanding into the logistics sector
- $950K AR facility to an Idaho freight broker specializing in the food industry, providing funding to focus on nationwide growth and remove the burden of managing AR and collections
- $750K AR facility to a West Coast start-up distributor of cocktail bitters and alcoholic beverages
- $600K AR facility to a Midwest apparel company specializing in custom socks with international distribution
- $400K AR facility to a Florida manufacturer to finance all AR for products through international trade
ABL, Invoice Discounting and Transportation Finance
- $1.5M AR facility to an Alberta company operating a fleet of vacuum trucks servicing the oil and gas industry in western Canada
- $1M AR facility for a full-service HR agency serving four Canadian provinces
- $250K AR facility to a Toronto corporate security and close protection services firm to replace an existing bank line of credit insufficient for supporting its growth
- $250K AR facility to an Ontario start-up manufacturing hard and flexible plastics and rigid PVC
- $150K AR facility for an apparel company distributing to boutique retailers and U.S. department stores such as Neiman Marcus
With seven locations across the U.S. and Canada which provide more than $1.5 billion in funding annually, BFS is supported by a global network of commercial finance experts with unique specializations and experience across a range of industries.
About Bibby Financial Services
Bibby Financial Services is a leading independent financial services partner to more than 10,250 businesses worldwide providing more than $1.25 billion in funding annually and handling $11.6 billion in annual client turnover globally. With over 44 operations in 13 countries spanning Europe, North America and Asia, we provide asset-based lending and factoring solutions to help businesses grow in domestic and international markets. Established in 2001, Bibby Financial Services North America has seven offices in the U.S. and Canada that support businesses in virtually any industry. We hold memberships in the Commercial Finance Association, the International Factoring Association, and the American Finance Association. Bibby Financial Services is part of Bibby Line Group (BLG), a diverse and forward-looking family business with over 200 years’ experience of providing personal, responsive and flexible customer solutions. To find out more about Bibby USA and Bibby Canada, please visit www.bibbyusa.com or www.bibbycanada.ca.