Bibby Financial Services Canada (BFS) announced a combined $2.5 million non-notification factoring facility to a group of two companies within the transportation, logistics and recycling industry based in a small British Columbia community. The factoring facility will allow the family-owned businesses to pay off existing debt while maintaining a base of working capital to support the company’s growth.
The companies approached Bibby Financial Services with a need for financing to eliminate debt, with an eye toward future growth. BFS has a history of supporting a variety of company structures from conglomerates to family-owned. This knowledge base provides BFS with the experience and compassion to look beyond a company’s current financials to the potential of the owners and their business plans. By eliminating existing debt and having BFS handle receivables, the family and business partners can refocus on day-to-day operations and future growth strategies.
“BFS serves a diverse base of industries and corporate structures, and our funding solutions are designed to be flexible and unique to each business we serve,” states Calum Williamson, Bibby Financial Services Canada’s Head of Operations. “Unlike traditional funding sources, we can accept greater risk based on a business’s goals and growth plans and therefore invest in the future of our nation’s small communities and businesses.”
Bibby Financial Services is a leading independent financial services partner to more than 9,500 businesses worldwide providing more than $1 billion in funding globally. With over 40 operations in 14 countries spanning Europe, North America and Asia, we provide asset-based lending and factoring solutions to help businesses grow in domestic and international markets. Established in 2001, Bibby Financial Services North America has seven offices in the U.S. and Canada that support businesses in virtually any industry. Bibby holds memberships in the Commercial Finance Association, the International Factoring Association, and the American Finance Association.