Daily News: June 26, 2014

Bibby Financial Provides Temporary Staffing Agency Facility

Bibby Financial Services announced that it funded a $3 million factoring facility for a Maryland-based temporary staffing agency. The company, established in 1988, offers payroll services and temporary staffing recruitment for supporting roles within the administrative, clerical, IT, and healthcare industries.

Although the staffing agency was well-established, it began having trouble meeting weekly payroll and affording daily operations because its current lender was not providing full cash availability on its account receivables.

By offering competitive advance rates and a more flexible financing option, Bibby Financial Services’ $3 million recourse factoring facility helped the business regain the working capital it requires.

“Typically, staffing agencies rely on working capital to afford obligations like weekly payroll,” said Sue Duckett, managing director for Bibby Financial Services Midwest. “We were able to improve liquidity and find a more sensible solution to help this company meet its weekly needs and look forward to growing its business.”