Bibby Financial Services announced a $6 million asset-based lending facility provided to a major staffing firm headquartered in the Southern United States. The firm specializes in matching enterprise resource planning (ERP) consultants with companies across the U.S. that rely on enterprise software applications SAP and Oracle. This deal comes on the heels of the close of a strong first quarter for Bibby Financial Services, facilitating more than $45 million in funding across a variety of sectors.
The staffing firm first engaged with Bibby Financial Services after successfully introducing a new service line that sparked a need for a level of finance flexibility that the firm was unable to attain at a bank. The working capital will be primarily used to meet payroll expenses.
Bibby Financial Services expects a strong second quarter with continued increase in capital provided to companies in a growth phase seeking asset-based lending, export financing and factoring solutions.
“The staffing industry has always been a key vertical market for our asset-based lending line of solutions,” says Leigh Lones, Bibby Financial Services Chief Executive Officer, Americas. “In an industry where the average invoice payment gap is 45-60 days, securing a flexible financing partner is essential to ensure staffing firms can focus on key growth drivers, such as increasing market share and new service line offerings.”
Bibby Financial Services, a worldwide market leader in business cash flow solutions, supports businesses of all sizes with flexible, customized financing solutions. With its asset-based lending and factoring products, the company provides clients access to the working capital needed to grow and support their businesses. Bibby Financial Services is proud to have helped more than 8,900 clients grow their businesses by providing nearly $1 billion in funding across the globe. It operates offices in seven North American cities and 16 countries. Bibby Financial Services is a subsidiary of The Bibby Line Group, a privately held company established in the United Kingdom in 1807.