Bibby Financial Services (BFS) announced that it has provided $16 million in funding to 77 new clients in the second quarter of 2017. BFS U.S. and BFS Canada brought on 56 and 21 new clients respectively, during the second quarter. The Nashville-based Bibby Transportation Finance (BTF) group brought on a significant number of the new clients for BFS U.S. delivering timely freight bill and invoice financing solutions to small and medium-sized trucking and logistics companies.

Aside from transportation, new clients represented a range of targeted industries including professional staffing and temporary services, marketing and advertising, manufacturing, and wholesale and distribution. Compared to the second quarter of 2016, BFS new client funding lines are up 60 percent in the US and 25 percent in Canada. Across the business, the company has also retained significantly more clients due to its aggressive advance rates and overwhelming client satisfaction as reflected in high net promoter scores which measure customer loyalty.

“Being able to help so many business owners with our funding and back office support is what drives our team to be so committed,” said Mary Ann Hudson, EVP and Head of Bibby Transportation Finance. “Our services and resources, including same day funding in some cases, full back office support, 24/7 online account management access, and a variety of discounts and benefits we offer to single owner-operators and large fleet owners alike, set us apart from other commercial finance companies. It’s the reason why so many of our clients stay with us for years.”

Notable financing solutions delivered during the second quarter included:

United States

Factoring, ABL and Transportation Finance

• $2M AR facility to an ingredients manufacturer and supplier in the Midwest
• $750K confidential AR facility to a Texas cracker manufacturer to support its growth strategy
• $500K AR facility to a Louisiana-based distributor of high-quality audio speakers, amplifiers and audio accessories
• $500K AR facility to the US branch of a global marketing company which chose BFS over its previous factor for flexibility and lower rates
• $250K AR facility to a Texas freight broker who also took advantage of BTF’s connections to get better pricing on transportation management software
• $75K AR facility to a New Jersey-based long distance carrier whose owner chose BTF based on his experience with BTF as an employee of another BTF client

Canada

ABL, Factoring and Invoice Discounting

• $1M CAD AR facility to an Alberta trucking company that assisted in the Fort McMurray 2016 wildfire recovery efforts although their profitability was impacted which led to the bank exiting the relationship
• $1M CAD AR facility to an advertising and marketing technology company
• $750K CAD AR facility to an Ontario-based logistics and FTL trucking company with 16 trucks to prepare for a future expansion into the US
• $500K CAD AR facility to an Ontario-based industrial heat treating company to support the purchase of an additional furnace to expand operations
• $250K CAD AR facility to an Ontario staffing firm providing greater flexibility than a line of credit from its former bank
• $150K CAD AR facility to an Ontario area transportation company, referred by a BFS staff member