Bibby Financial Services Funds Bath Products Company with $4.5 Million Facility
ATLANTA – Aug. 8, 2016 – Funding Allows Company to Expand Retail Distribution
Bibby Financial Services (BFS) announces the provision of a $4.5 million asset-based lending (ABL) facility with a $1.5 million inventory line of credit sub-limit to a distributor and wholesaler of a trusted source for earth-friendly and health-oriented bath and beauty products. Demand for this highly regarded natural hair care product, which primarily retails online and has thousands of positive reviews, has driven the company to expand distribution. Funding from BFS will allow for increased distribution to retail and drug stores.
The exclusive distributor of an organic hair care line, the company requires a significant amount of investment in inventory, as it prepays its suppliers. Like many businesses that must pre-purchase large amounts of inventory, the company was unable to secure traditional financing and looked to non-bank financing via ABL, a more flexible option for the company in the end. More companies now see the value in non-bank lending, and solutions such as asset-based lending and factoring are trending upward. Asset-based lending figures were higher in the third quarter of 2015 than the previous three quarters, according to Thomson Reuters.
“Asset based lending and factoring are great options for companies with high inventory levels. Lending based on an asset such as inventory offers these companies funding options unavailable by banks,” says Ian Watson, Chief Executive Officer of Bibby Financial Services. “Because of this, wholesalers and distributors often find factoring and asset based lending to be better and more customizable options.”
About Bibby Financial Services
Bibby Financial Services is a leading independent financial services partner to more than 10,250 businesses worldwide providing more than $11.6 billion in funding 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.