Daily News: August 16, 2017

Bibby Financial NA Provides $16MM to 77 Clients in Q2/17


Bibby Financial Services (BFS) has provided $16 million in funding to 77 new clients in Q2/17. BFS U.S. and BFS Canada brought on 56 and 21 new clients, respectively, during the second quarter. The Nashville-based Bibby Transportation Finance (BTF) group brought on a significant number of the new clients for BFS U.S. delivering timely freight bill and invoice financing solutions to small- and medium-sized trucking and logistics companies.

Aside from transportation, new clients represented a range of targeted industries including professional staffing and temporary services, marketing and advertising, manufacturing, and wholesale and distribution. Compared to Q2/16, BFS new client funding lines are up 60% in the U.S. and 25% in Canada. Across the business, the company has also retained significantly more clients due to its aggressive advance rates and overwhelming client satisfaction as reflected in high net promoter scores which measure customer loyalty.

“Being able to help so many business owners with our funding and back office support is what drives our team to be so committed,” said Mary Ann Hudson, EVP and Head of Bibby Transportation Finance. “Our services and resources, including same day funding in some cases, full back office support, 24/7 online account management access, and a variety of discounts and benefits we offer to single owner-operators and large fleet owners alike, set us apart from other commercial finance companies. It’s the reason why so many of our clients stay with us for years.”

Notable financing solutions delivered during Q2 included:

United States

Factoring, ABL and Transportation Finance:

  • $2.0 million A/R facility to an ingredients manufacturer and supplier in the Midwest
  • $750,000 confidential A/R facility to a Texas cracker manufacturer to support its growth strategy
  • $500,000 A/R facility to a Louisiana-based distributor of high-quality audio speakers, amplifiers and audio accessories
  • $500,000 A/R facility to the U.S. branch of a global marketing company, which chose BFS over its previous factor for flexibility and lower rates
  • $250,000 A/R facility to a Texas freight broker who also took advantage of BTF’s connections to get better pricing on transportation management software
  • $75,000 A/R facility to a New Jersey-based long distance carrier whose owner chose BTF based on his experience with BTF as an employee of another BTF client

Canada

ABL, Factoring and Invoice Discounting:

  • C$1.0 million A/R facility to an Alberta trucking company that assisted in the Fort McMurray 2016 wildfire recovery efforts
  • C$1.0 million A/R facility to an advertising and marketing technology company
  • C$750,000 A/R facility to an Ontario-based logistics and FTL trucking company with 16 trucks to prepare for a future expansion into the U.S.
  • C$500,000 A/R facility to an Ontario-based industrial heat treating company to support the purchase of an additional furnace to expand operations
  • C$250,000 A/R facility to an Ontario staffing firm providing greater flexibility than a line of credit from its former bank
  • C$150,000 A/R facility to an Ontario area transportation company, referred by a BFS staff member

With seven locations across the U.S. and Canada that provide more than $1.5 billion in funding annually, BFS is supported by a global network of commercial finance experts with unique specializations and experience across a range of industries.