Bibby Financial Services Funds Health and Nutrition Company with $2.85 Million Credit Facility
ATLANTA – Aug. 17, 2016 – Funding Facility Allows Growth with Provision of Working Capital
Bibby Financial Services (BFS) announces the provision of a $2.85 million credit facility comprised of a $2.2 million accounts receivable facility and a $650,000 inventory line. The new facility will provide the manufacturer of dietary supplements the working capital needed to expand production of its product.
Knowing that Americans spend a total of $60 billion on weight loss products a year, the funded manufacturer capitalized on market potential and created a robust customer base of retail distributors, specialty food retailers, mass-market drug stores, and infomercial and catalog marketers. Though the company has experienced strong growth since its inception, recent corporate changes resulted in the need for a new financial partner. BFS was able to provide the company with a flexible lending solution, easing the stress of both the management and lender transitions.
BFS entered a difficult funding situation with a motivated borrower, and a determined, customer-oriented team with a suite of customizable solutions that allowed us to provide the company with the working capital needed to grow,” states Barry Kastner, Bibby Financial Services North America Executive Vice President.
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.