Bibby Financial Services (BFS) announced a combined $2.3 million line of financing to a Chicago-based metal products manufacturer. The company supplies aluminum products for a variety of industries including the automotive, lighting, medical, military and packaging sectors. The funds, composed of a $1.5 million factoring facility and an $800,000 term loan, will allow the company to expand its business capabilities and serve more clients through the development of new applications and products.
“Our experience serving manufacturing companies is already one of our strongest assets in the relationship with this client. Additionally, we were able to offer an exceptional financing solution by providing the working capital and term loan from a single source.”
The company’s previous lender, a bank, approached BFS on the client’s behalf when unforeseen events triggered loan covenants, necessitating the bank to exit the relationship. In addition to enabling the client to repay its debt to the bank, the financing from BFS will improve liquidity and support the manufacturer’s efforts to expand into new markets.
“BFS is proud to help small and medium-sized businesses expand by offering financing solutions that are in tune with their very specific needs because we take the time to understand their business,” said Kris Varley, Head of Factoring at Bibby Financial Services. “Our experience serving manufacturing companies is already one of our strongest assets in the relationship with this client. Additionally, we were able to offer an exceptional financing solution by providing the working capital and term loan from a single source.”
Bibby Financial Services provides unique funding solutions to support small and medium-sized enterprises (SMEs) in virtually every industry, including manufacturing. With seven locations across the U.S. and Canada that provide more than $1.5 billion in funding annually, BFS is supported by a global network of commercial finance experts with unique specializations and experience across a range of industries.