Bibby Financial Services (BFS) is forecasting an even stronger second half of 2017 after seeing increases in funding lines provided across all business segments and successful client retention in the first half of the year. BFS’s funds employed is up by nearly 18% in North America for the first half the year and BFS Canada posted its strongest first quarter ever, setting a record for new business performance.
By the third quarter of 2017, BFS is expected to surpass its total number of new clients funded in all of 2016. Projected funding lines provided to BFS clients across the U.S. and Canada businesses are also expected to reach nearly double the 2016 amount by the end of this year. The projection is based on the total number of new clients funded in the first half of 2017 and the number of active prospective clients, which is up by 50% compared to this time last year.
All BFS business segments (factoring, asset based lending and transportation finance) have seen a substantial uptick in activity as businesses seek inventive ways to secure additional capital and free up cash flow to support operations without taking on additional debt. Notably, several current asset based lending clients have sought credit extensions in the first half of 2017, a sign of strong client satisfaction and client sentiment that BFS is able to support them with additional financing that goes beyond their initial funding lines. According to an independent survey, 78% of clients are completely or very satisfied with the services they receive from BFS and 95% of clients find it easy to do business with the company.
The company reports 58% more inquiries from prospects in several targeted industries, particularly in the manufacturing sector, where BFS helps companies in growth mode or in times of challenge to expand, rebuild, and manage their increasing costs and navigate a swiftly changing industry landscape. Since the beginning of the year, over 60% of the prospective clients have come from BFS’s targeted industries including manufacturing, services, staffing and wholesale/distribution. These industries are expected to represent the large majority of new clients brought on by the company in 2017. Additionally, Bibby Transportation Finance has seen a significant increase in the number of new clients in comparison to last year.
“Each of our business segments has seen a tremendous amount of growth in the first half of 2017 and we are well on our way to reaching our targets for the second half of the year,” said Ian Watson, CEO of North America at BFS. “The number of inquiries we’ve received from our forecasted industries of opportunity is particularly encouraging as more businesses seek new, innovative ways to increase liquidity and adapt to their quickly changing industries. We are ready to advance these funding lines and provide our value added services to prospective clients in all the industry sectors we service.”
More broadly, BFS continues to demonstrate a strong growth trajectory in North America and in order to support all regions has expanded its sales team with nine new hires since the beginning of 2017. BFS is supported by a global network of commercial finance experts with unique specializations and experience across a range of industries. Small and medium-sized businesses in virtually every industry receive funding support from BFS, which globally provides more than $1.5 billion in funding annually. By taking a tailored approach to each client, BFS creates customized solutions that meet the individual needs of clients at every phase of their business.