Bibby Financial Services announces a large asset-based lending facility with the provision of a $6.5 million facility to Apparel Imports, a Miami-based formalwear company with global operations.

The men’s formalwear maker sought Bibby Financial Services because of the company’s export finance expertise, and will use the funding to pay down supplier obligations, support overall working capital needs and search for growth opportunities. While the facility provided is based on invoices and assets, the company is also looking to add a purchase order financing component to the relationship, which will allow Apparel Imports to take advantage of early pay discounts provided by their suppliers.

“We continue to see companies in need of financing that are unaware of the value of their assets,” says Leigh Lones, Bibby Financial Services Americas CEO. “By leveraging inventory, equipment and accounts receivable, companies have greater access to the working capital needed for growth.”

Bibby Financial Services, a worldwide market leader in business financing solutions, supports businesses of all sizes in virtually every industry with flexible, customized funding 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 more than $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, family owned company established in the United Kingdom in 1807.