Bibby Financial Services announced the release of a new funding option, FastTrack. FastTrack is available to businesses seeking funds of up to $100,000 at 2.99 percent, which can alleviate day-to-day working capital pressures.
Following the upload of the required documentation needed for invoice verification, Bibby Financial Services will request full ownership of funds and begin the process of recourse factoring. The FastTrack approval process is based solely on the credit worth of the business’s customer, not the personal worth or credit valuation of the business or business owner.
Additional benefits of FastTrack include:
- Funding within three days
- Flat 90-day fee at 2.99 percent
- No additional fees
- No minimums or term agreements
- 90 percent advance rate
As the economy continues to gain footing, the demand for small business funding is still high. According to the Small Business Association, although 67% of small business owners turn to banks for financing, only 27% are successful in obtaining a loan through a traditional financial institution.
“We’re proud to lead the market by offering this new product,” says Bibby Financial Services CEO Leigh Lones. “This new initiative highlights our dedication to and support of small business by providing our clients with the simplest, fastest and most reliable access to funding available.”
Aside from FastTrack, Bibby Financial Services provides businesses with a number of other offerings, including asset-based lending, purchase order finance and import and export factoring, targeting businesses within the staffing, transportation, apparel, manufacturing, wholesale and distribution industries.
Bibby Financial Services, a worldwide market leader in business cash flow solutions, bridges the access to cash gap between alternative lenders and traditional banks. It operates offices in 10 North American cities and 15 countries. Its product portfolio, which features factoring and asset-lending solutions, serves emerging and established companies. An approved lender for the Export-Import Bank's working capital guaranty program, Bibby USA and Bibby Canada are subsidiaries of its 207-year-old privately held U.K.-based parent.