Daily News: May 12, 2017

BFS Provides $2.4MM in Factoring Facilities

Bibby Financial Services (BFS) recently completed four factoring deals totaling $2.4 million.

BFS provided a $200,000 factoring facility to a North Carolina staffing company. After two years as a BFS client, fraudulent activity perpetrated by the majority owner of this staffing company was discovered and the account terminated. The two minority owners took over the business, contacted BFS to explain the situation and quickly began the task of recovery. They were able to assign new invoicing to cover the deficit and we worked with them to ensure their cash flow needs like payroll were met without interruption. The client’s trusted relationship with BFS enabled a complete recovery and the company is on track to expand.

BFS provided a $2 million non-notification factoring facility with an inventory component to a California apparel company. Referred by another commercial finance company, this apparel manufacturer specializing in skate and surf wear turned to BFS for working capital and support during seasonal slow periods. BFS’s extensive history serving the apparel industry appealed to the client as much as its ability to apply an ABL mentality to a factoring deal, relaxing some of the requirements for client documentation.

BFS provided a $100,000 factoring facility to a California hotel linens wholesale and distribution company. BFS is supporting this importer and distributor of hotel bedding and linens with a factoring facility which will be used to support operations and future growth. The company is operated by a former client who chose BFS to support this business because of our excellent customer service.

BFS also provided a $100,000 factoring facility to an Alabama transportation company. A former BTF client, this trucking company returned because of Bibby’s free perks like Comcheks, free load board and fuel discounts in addition to attentive customer service and high advance rate. The financing will support the company’s operations and position it for future growth.