Building on the success of ten years in business in Canada, Bibby Financial Services (BFS) announced that it provided an $850,000 factoring facility to an Ontario-based distributor of security and defense products. The company, which supplies products to military and police departments around the world, approached BFS for financing after being unable to obtain a line of credit from a traditional lending institution. The company will use the funds for working capital.
Small and emerging businesses often require funding to grow and develop, but are frequently turned down for loans from traditional lending institutions due to a lack of revenue and/or credit history. However, it is critical that these companies have a source for financing as small businesses play a vital role in the Canadian economy. More than eight million Canadians are employed by small companies, with small businesses representing almost 98 percent of Canada’s employer businesses, according to Innovation, Science and Economic Development Canada.
“Bibby Financial Services is proud to support small- and medium-sized enterprises across the world with a suite of flexible funding solutions that are tailored to meet the needs of our customers,” says Ian Watson, Chief Executive Officer, Bibby Financial Services, North America. “Since we entered the Canadian market 10 years ago, we have funded more than 750 small and mid-sized businesses and provided more than $400 million of funding to businesses last year alone. Our proven and stable funding options often serve as a catalyst for emerging and high-growth companies.”
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, BFS provides 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.