Bibby Financial Services (BFS) recently announced that it is providing $4.5M in factoring facilities to support two U.S.-based businesses in the recreational transportation and energy sectors. These flexible financial solutions will allow each company to maintain their operations for a combined $26M in annual sales.
The client in the recreational biking industry needed access to working capital for various operational and administrative processes. After its Irish parent company signed on with BFS Ireland for a factoring facility, Bibby USA secured a $4M facility for the US subsidiary. Due to their existing accounts receivable and projected sales, Bibby USA was able support their existing operations with the right funding for their needs. The financing will be used to boost their indepence from the parent company as they strengthen their footprint in the US.
We also provided funding to a service-provider in the power generation industry. As their operations grew rapidly, their previous factoring company was unable to keep up with the needs of the business. An individual familiar with the situation noticed this discrepancy and recommended a BFS funding line. Bibby USA provided the company with a $1.5M factoring facility, allowing them to increase their growth and operations without interruptions.
These deals further our commitment to empowering small and medium-sized businesses with the best factoring facilities and other funding lines, allowing them to focus on growing their business.
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.