Bibby Financial Services (BFS) announced today it is providing a $3M factoring facility to support a U.S. based global manufacturer and distributor of organic salad dressings. The flexible financial solution will allow the company to ramp up production to meet the 400 percent sales increase projected for 2018.
The manufacturer turned to BFS’s factoring solutions after increased demand for its products led to multiple backorders. The company chose BFS due to its reputation for reliability and a personal, customized approach. The financial solution will be used to boost production and source ingredients on a larger scale.
“Because we took the time to understand the client’s business and industry, we were able to customize a solution to immediately address their manufacturing needs and free up cash flow to support expanded operations,” said DJ Krystopa, VP of Business Development at Bibby Financial Services. “Serving companies across the U.S. and Canada with flexible commercial financing at every stage of the life cycle, from startup funding needs to expansion and turnarounds, is what we do. Seeing our clients meet their goals for successful growth is why we do it.”
The $3M facility from BFS will allow the client to submit live invoices and receive an advance with which it can pay for supplies and production costs, while further supporting the client with collection services. According to the National Association of Manufacturers (NAM) Outlook Survey, production and sales are expected to grow by almost 5 percent over the next twelve months, likely resulting in greater demand by small and medium-sized manufacturers for alternative financing solutions, such as factoring, to support that growth.
BFS provides invoice finance and asset based lending solutions for small and medium-sized enterprises (SMEs) in a range of industries including manufacturing. BFS has been operating in North America for more than 15 years with seven locations and several regionally aligned business development representatives across the U.S. and Canada.
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.