Bibby Transportation Finance (BTF) today announced a $500,000 factoring facility for 3A Express, a Michigan-based transportation company specializing in over-the-road (OTR) and refrigerated trucking. 3A Express holds contracts with some of the top shipping companies in the United States. Based on the advance of funds against accounts receivable, the factoring facility will support 3A Express’ day-to-day operating costs and enable the company to increase the number of refrigerated trucks in its fleet.
3A Express expects to earn around $12 million in annual sales once all 50 trucks in its fleet are deployed. BTF’s in-depth transportation finance experience allows 3A Express to access the quick, flexible funding it needs to take advantage of its recent growth and serve more customers across the U.S. as it increases the number of drivers it employs. The financing also has the added benefit of helping 3A Express more easily manage this growth by simplifying operations through dedicated back-office support.
“The extraordinary team of transportation experts at BTF have years of experience working with all types of freight carriers,” said 3A Express owner David Lumsden. “The ability to receive same-day financing and access to the team’s in-depth expertise in the equipment sector made BTF a natural financing partner as we looked to expand our refrigerated trucking business.”
“At BTF we’re proud to work with growing companies like 3A Express and are committed to providing the ease and speed of funding our clients desire,” said Mary Ann Hudson, executive vice president of Bibby Transportation Finance. “We created a creative and flexible financing package for 3A Express that can be used to cover short-term operating costs, like fuel and insurance, while also taking into account their long-term goals.”
In 2016, BTF delivered financing solutions to 109 new clients. BTF specializes in supporting the growth of transportation companies of all sizes, from single owner-operators to small and medium sized trucking companies, as well as freight brokers. The financing solutions provided by BTF are tailored to the needs of each client and include additional benefits like fuel cards, hotel discounts, a free load board, complimentary credit reports for prospective debtors, online invoicing and 24/7 online account access. Bibby Transportation Finance is based in Nashville, Tenn. and is a subsidiary of Bibby Financial Services, Inc.
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.