Bibby Financial Services (BFS) today announced a combined $2.3 million line of financing to a Chicago-based metal products manufacturer. The company supplies aluminum products for a variety of industries including the automotive, lighting, medical, military and packaging sectors. The funds, composed of a $1.5 million factoring facility and an $800,000 term loan, will allow the company to expand its business capabilities and serve more clients through the development of new applications and products.
The company’s previous lender, a bank, approached BFS on the client’s behalf when unforeseen events triggered loan covenants, necessitating the bank to exit the relationship. In addition to enabling the client to repay its debt to the bank, the financing from BFS will improve liquidity and support the manufacturer’s efforts to expand into new markets.
“BFS is proud to help small and medium-sized businesses expand by offering financing solutions that are in tune with their very specific needs because we take the time to understand their business,” said Kris Varley, Head of Factoring at Bibby Financial Services. “Our experience serving manufacturing companies is already one of our strongest assets in the relationship with this client. Additionally, we were able to offer an exceptional financing solution by providing the working capital and term loan from a single source.”
Bibby Financial Services provides unique funding solutions to support small and medium-sized enterprises (SMEs) in virtually every industry, including manufacturing. With seven locations across the U.S. and Canada that 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.