Daily News: July 30, 2014

Bibby Expands South Australia Team

Bibby Financial Services appointed David Ciccolella as state manager of business development for South Australia. David’s appointment compliments Bibby’s accelerating footprint in the developing market for factoring.

Ciccolella joins from Cash Resources Australia with which he spent 27 years serving the needs of South Australian SMEs. Prior to his appointment to Cash Resources, he was instrumental in the establishment and subsequent wind-down of Heller Financial, one of Australia’s founding debtor finance providers.

Ciccollella said he admired Bibby Financial Services’ commitment to tailoring flexible funding solutions to SMEs underserviced by banks and other finance providers and acknowledged that finding suitable funding remained difficult for many SMEs.

“Banks remain conservative in their approach, looking for unblemished trading history backed by personal property, but the reality for many SMEs is that conditions and confidence is tough,” Ciccollella said. “But the Bibby business model and the way they approach funding scenarios to understand the client is refreshing and it’s great to be supported by a business with such ambitious growth plans, genuine appetite for new business and the scale of a global business with a local focus.”

Mark Cleaver, managing director, Bibby Financial Services Australia & New Zealand said, “We are delighted to have a person of David’s vast experience and stature in the Australian debtor finance industry join our successful team in South Australia. We are fortunate that he joins an already strong national Business Development team to further boost our new business capabilities as we focus on expansion across Australia. We see significant growth opportunities in South Australia and there is strong momentum which we are certain David’s appointment will continue”.

The marketing for factoring has grown strongly in South Australia over past years, with turnover funded through the product more than doubling since 2009 to $43 million. Over this time Bibby Financial Services has doubled its own market share to account for $1 out of every $2 funded in South Australia through this type of facility.