Bibby Financial Services North America (BFS) provided funding during Q1 2018 to 91 new clients in the U.S. and Canada. BFS saw a 30% growth in the number of clients funded in Q1 2018 compared to Q1 2017, with nearly $23M in total funding facilities providing business growth over the previous year. BFS provides working capital to businesses of diverse sizes across various industries. The company supports small- to medium-sized businesses (SMBs) by distributing alternative financing that can grow in line with businesses. In Q1 2018, the company provided financial solutions ranging from $100K transportation finance facilities to $4M manufacturing facilities. BFS has the capacity to provide an individual business with up to a $10M funding facility through its factoring and asset based lending product offerings.
Traditional loans do not always provide the full amount the applicant requests, with 60% of business applicants receiving less than they applied for according to the Federal Reserve. Alternative finance solutions like factoring free up existing working capital from accounts receivable to ensure SMBs can meet a variety of challenges, including cash flow to manage operating expenses and manufacturing costs.
“Serving companies across North America, Bibby Financial Services customizes funding products to the unique needs of each business we work with,” said Ian Watson, CEO of BFS North America. “Our success and growth across industries are anchored in building effective relationships with our clients and the personalized approach we take to understanding the needs of our clients during every stage of their business.”
Noteworthy financial solutions:
United States
- $4M factoring facility for a bike manufacturer in California
- $1.5M AR facility to a Michigan commercial oil and energy services company
- $500K factoring facility for the U.S. division of an IT staffing firm
- $150K AR facility to a transportation services provider in Florida
Canada
- $5M CAD AR facility to an IT systems manufacturer based in Ontario
- $500K CAD factoring facility to an Ontario cabinetry manufacturer
- $300K CAD AR facility for a transportation carrier based in Alberta and Ontario
- $250K CAD factoring facility to an on-site emergency services provider in the industrial sector