Bibby Financial Services North America (BFS) funded close to $60M in alternative financial solutions for more than 240 new clients in the U.S. and Canada during Q2 & Q3 of 2018, bringing the company’s mid-year funding outlook to a double-digit increase, up by 50% when compared to the previous year. BFS saw the highest demand for funding in the transportation and logistics industries, which is believed to be driven by wholesalers and manufacturers stocking up on supplies and raw materials in anticipation of increased tariffs. BFS also saw an increase in requests for funding by staffing and manufacturing businesses. In the mid-year of 2018, we have provided financial solutions ranging from $100K in transportation finance facilities to a $4M manufacturing facility.
Bibby Financial Services North America (BFS) BFS made available several large funding lines of working capital including a $2M CAD facility for an Ontario digital advertising agency, and a $4M facility for a custom products manufacturer in California. Businesses choose BFS due to their ability to execute a quick alternative funding solution that is customized to the unique challenges of their individual business.
“Working closely with small and medium-sized business owners to understand their unique challenges is the key to our relationship-based approach and is what sets us apart from other financial services companies,” said Ian Watson, CEO, Bibby Financial Services North America. “At a time when things are uncertain with trade and there is a tightening of the skilled workforce available to business owners, BFS is a financial partner invested in solving the challenges of business operations and helps companies find their path towards growth.”
According to a recent BFS poll, 42% of business owners cited the inability to achieve growth if they cannot secure necessary business funding as the greatest risk to their business. With uncertainties around trade and tariff agreements in North America and increased costs of raw materials for manufacturing, BFS provides clients with financing consistency that helps stabilize operations and production costs. SMBs working with BFS will discover alternative finance solutions that leverage existing working capital shifted from AR operations support. Manufacturers and other industries’ businesses are then better equipped for busier seasons ahead. BFS North America has the capacity to provide up to a $10M funding facility for each client through its factoring and asset based lending product offerings.
Mid-year noteworthy financial solutions:
- $4M factoring facility for a custom products manufacturer in California
- $3M in funding for a promotional and athletics products licensing manufacturer
- $1M factoring facility for a Midwest-based telecom construction and engineering firm
- $750K factoring facility for a Florida transportation company, plus several other transportation facilities
- $650K to support an OEM parts manufacturer in the aerospace industry located in Texas
- $600K in funding for a nationwide digital and technology platforms and solutions provider
- $2M CAD factoring facility for an Ontario digital advertising agency
- $2M CAD non-notification factoring facility to an Alberta oilfield services company
- $2M CAD in funding with inventory to a workwear apparel company in British Columbia
- $2M CAD to assist a manufacturing company in Ontario
- $500K CAD factoring facility for an Ontario transportation company
- Several $250K CAD transportation factoring facilities
About Bibby Financial Services
Bibby Financial Services is a leading independent financial services partner to more than 10,250 businesses, providing more than $1.25 billion in funding annually and handling $11.6 billion in annual client turnover. With over 40 operations in 14 countries spanning 3 continents, we provide asset-based lending and factoring solutions to help businesses grow in domestic and international markets. Established in 2001, Bibby Financial Services supports businesses in virtually any industry. BFS is part of Bibby Line Group, 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.
Write2Market for Bibby Financial Services
Carla Etheridge, 727-385-8910