Bibby Financial Services (BFS) funded close to $21M in alternative finance solutions in the U.S. and Canada during Q1 of 2019. BFS saw the highest demand for funding in the transportation and wholesale/distribution industries. The slowdown in the U.S. economy at the end of last year seems to have been felt throughout all sectors, though this year’s first quarter forecasts are showing positive signs of stable growth.
“With the current flat economy, there is a general feeling of uncertainty. Recently, the Federal Reserve left interest rates unchanged and dialed back projections for further rate hikes in 2019. We see SMBs are hesitant to make changes to their current financing or to apply for new facilities. At the same time, lenders are being very accommodating in finding creative ways to provide liquidity to current and prospective borrowers. It is key to remember that there are plenty of ways to secure funding now to position your business for growth even in an economic slowdown,” said David Ciccolo, EVP, Managing Director for BFS in the U.S.
“Canada’s economy has felt the ripple effects of the economic slowdown in the U.S. in Q4 2018, experiencing the lowest rate of GDP growth over the last two years,” explained Kash Ahmad, EVP, Managing Director for BFS in Canada. “That said, BFS is confident in the potential of the Canadian economy and we remain committed to supporting SMEs through the financing they require to enable them to take advantage of growth opportunities here and abroad.”
Supporting small business growth, BFS made available several funding lines for transportation businesses, including $1.5M in funding for an Illinois-based food manufacturer and a $750K CAD factoring facility for a Toronto-based business that hauls loads in Canada and the United States. The funding will allow these companies to expand operations and grow.
Noteworthy financial transactions in Q1:
- $1.5M in factoring funding to an Illinois food manufacturer specializing in natural whole foods
- $1.25M factoring facility for a U.S. subsidiary of a licensed promotional products distributor
- $750K in funding for a Detroit transportation company
- $500K factoring facility for an Ohio company specializing in IOT-connected firmware, hardware and software
- $450K factoring facility for a staffing company operating in the U.S. and Canada
- $250K in funding for several transportation start-ups throughout the U.S.
- $1.85M CAD factoring facility for a Toronto grain distributor
- $1M non-notification factoring line to an Ontario-based distributor of HVAC equipment
- $750K CAD factoring facility for a Toronto transportation business
- $400K CAD in funding to assist a Toronto company that transports new and used luxury vehicles from major car dealerships
About Bibby Financial Services
Bibby Financial Services is a leading independent financial services partner to more than 10,900 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 BFS in the USA and Canada, please visit www.bibbyusa.com or www.bibbycanada.ca.
Write2Market for Bibby Financial Services
Carla Etheridge: 727-385-8910