Bibby Financial Services (BFS) completed eight deals recently for total commitments of $7.95 million.

The new deals include the funding of $1 million to a start-up cosmetics wholesaler and distributor. At the point where asking friends and family for loans was no longer an option, the owners referred to BFS for a fast funding solution that could provide access to increased capital. BFS helped the company further establish the business to support its expanded operations by introducing insurance and PO lending contacts. The owners of the company were relieved to find a partner in BFS that provided the backing and expertise a start-up company needs. Funding will be used to drive growth plans, win new customers and fulfill larger orders.

BFS also provided $2 million in funding to a midwestern manufacturer that has patented technology sold to various distributors and end users in the construction and excavation industries. Due to an increased demand for its products, the client needed funding to support rapid growth and chose BFS for their competitive rates, strategic understanding of the industry and willingness to consider projected future orders as a part of their financing solution. The facility will boost working capital, freeing up cash flow for the business owner to handle higher quantity orders for distribution to larger retail clients and doubling the company’s expected revenue in 2018.

The other deals include:

• $500,000 in funding to an aerospace manufacturing company in California. The owner was in need of a fast alternative financing solution. From the initial introduction through all the steps in the verification process, BFS closed and provided funding in less than two weeks. The $500K funding line will help the client fulfill orders and keep up with customer demand. the demand of its customers.
• $200,000 for a freight transportation company in Florida. The owner chose BFS due to their professional staff and ease of submitting invoices for processing through their client portal. The funding will be used to make payroll and grow the business to 10 trucks by the end of the year. 
• $2 million to a mobile marketing agency that delivers mobile-based marketing solutions to their customers. The client came to BFS needing a flexible financing partner that could provide working capital to continue the growth they’ve seen since being founded in May 2017. BFS coordinated with the client on due diligence and contracts, guided them on paying off a small debt with an existing lender and obtained credit insurance on larger accounts for protection in case of default.
• $250,000 for a startup trucking company in Ontario. At the time, the owner was only running one load at a time to minimize bad debts and interactions with potentially slow paying customers. BFS’ funding and debtor review systems will help the client safely grow the business by providing insight on potential customer payment history while providing access to working capital for increased operational flexibility. 
• $500,000 in funding for an Ontario-based transportation company with a 10-truck fleet of dry vans and reefers that runs loads in Canada and the US. When others would not, BFS was able to offer a short-term contract to provide working capital for the business. BFS worked around challenges including the company having multiple owners who all had to sign agreements and waiting for insurance, licenses and more to be updated and approved to close the transaction. The client intends to use the funding line for working capital and to expand the fleet. 
• $1.5 million in funding for a Saskatchewan transportation business focused on livestock, feed and liquid bulk fertilizer transport, a truck wash facility and a truck repair shop. The client had to find alternative financing once their bank could no longer provide the support they needed to continue operating in challenging times. BFS was able to put an agreement in place on their current assets to secure the appropriate amount of working capital to support the client. The client will use the funding for working capital purposes and return to profitability.