Daily News: November 1, 2017

Bibby Financial Funds 81 New Clients in Q3/17


Bibby Financial Services (BFS) funded 81 new clients in Q3/17, providing $23.8 million in commercial lending to small- and medium-sized businesses (SMBs) in North America. BFS Canada brought on 24 new clients and BFS U.S. brought on 59 clients in Q3.

According to the BFS 2017 Global Business Monitor report, 63% of SMBs expect their sales to increase in the next 12 months. However, business owners cited three challenges that remain a prevalent concern: rising overhead costs, lack of skilled staff and not enough time to run their business successfully.

“Most of these new clients came to us with visions of growth, but their existing funding lines were either insufficient or too inflexible to meet their cash flow needs. Some of them simply needed a way around the back office burdens impacting their businesses which traditional bank loans can’t provide. Helping businesses thrive is what we do best and is what keeps clients coming back and referring other companies to work with us,” said Daniel Rodrigue, national head of Sales for the U.S.

Prominent financing solutions delivered in Q3 included:
United States

ABL, Factoring and Transportation Finance:

  • $1 million A/R facility to a Nevada wholesaler/distributor of innovative consumer products
  • $1 million A/R facility to a Mid-Atlantic transportation company expanding into the logistics sector
  • $950,000 A/R facility to an Idaho freight broker specializing in the food industry, providing funding to focus on nationwide growth and remove the burden of managing A/R and collections
  • $750,000 A/R facility to a West Coast start-up distributor of cocktail bitters and alcoholic beverages
  • $600,000 A/R facility to a Midwest apparel company specializing in custom socks with international distribution
  • $400,000 A/R facility to a Florida manufacturer to finance all A/R for products through international trade

Canada

ABL, Invoice Discounting and Transportation Finance:

  • $1.5 million A/R facility to an Alberta company operating a fleet of vacuum trucks servicing the oil and gas industry in Western Canada
  • $1 million A/R facility for a full-service HR agency serving four Canadian provinces
  • $250,000 A/R facility to a Toronto corporate security and close protection services firm to replace an existing bank line of credit insufficient for supporting its growth
  • $250,000 A/R facility to an Ontario start-up manufacturing hard and flexible plastics and rigid PVC
  • $150,000 A/R facility for an apparel company distributing to boutique retailers and U.S. department stores such as Neiman Marcus