Daily News: April 3, 2014

Bibby Financial Adds ABL to Product Portfolio

Bibby Financial Services announced the addition of asset-based lending to its financial products portfolio.

The company will provide ABL up to $10 million in facility size. Unlike Bibby Financial Services’ factoring product, which is available for start-ups to established businesses, asset-based lending is generally targeted for companies with longer operating history.

“At Bibby Financial Services we provide access to working capital through factoring, or accounts receivable financing,” said Leigh Lones, CEO Bibby Financial Services Americas. “As we’ve grown our presence, we’ve responded to our clients’ needs for flexible solutions and added products such as non-recourse factoring, non-notification factoring and purchase order financing. By adding asset based lending to our portfolio, we will be able to provide even more cash flow to our clients based on their accounts receivable and inventory, as well as machinery and equipment.”

“Our goal is to continue to listen to our clients and adjust our products and services to suit their needs. We are excited to bring our new asset based lending offering to market and also make it available to our existing client base,” said Lones.