Daily News: September 22, 2014

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.”