Bibby Financial Services announced that it has funded a $1.5 million factoring facility for an Ontario-based packaging manufacturer. The company has been in operation since 1956 and makes and distributes a variety of custom box solutions for a diverse customer base.

In order to pay off its current senior lender and unsecured creditors, the business turned to Bibby Financial Services. By offering a more flexible financing solution, Bibby Financial Services was able to help the company access the ongoing working capital it needs to maintain the daily operations of its facility.

"This long-standing business needed a more sensible funding solution to afford daily operational needs," said Bob Lall, Managing Director for Bibby Financial Services Canada. "Bibby Financial Services was able to create greater cash flow by leveraging the company's assets and helping pay off the current lender."

Bibby Financial Services is a worldwide market leader in business cash flow solutions to small- and medium-sized companies. With offices in ten North American cities and 15 countries around the world, its product portfolio includes accounts receivable finance, recourse and non-recourse factoring, non-notification factoring, export finance, purchase order finance, asset based lending, specialist solutions for the trucking sector, and it is an approved lender for the Export-Import Bank's working capital guaranty program.