Bibby Provides $1.25M Facility for Apparel Manufacturer
Bibby Financial Services announced it funded a $1.25 million non-recourse factoring facility for a California-based apparel manufacturer.
The new business saw increased demand for private-label denim, but as a start-up struggled to obtain traditional funding. It needed a more flexible cash flow solution to pay international suppliers, afford growth and maintain operations. Bibby provided the company a non-recourse factoring facility.
“New and growing businesses often have trouble securing traditional bank lending,” said Rob Meyers, managing director of Bibby Financial Services California. “Even though this business is a start-up, Bibby Financial Services was able to provide a sizeable and scalable facility for continued growth support.”