Bibby Provides $1 Million to Multi-Media Tools Maker
Bibby Financial Services announced it provided a $1 million factoring facility to an Illinois-based manufacturer and distributor of multi-media tools.
The company needed improved cash flow after a major customer reduced its yearly orders. Although the company reduced overheads and increased sales, its bank was unwilling to continue financing them. Bibby Financial Services provided the cash flow needed for materials and payroll to help the company take on large orders and start growing its business again.
“Factoring companies will often step in to help businesses in bank workout situations,” said Sue Duckett, managing director. “Our funding is based on the strength of the client’s customer so, unlike many banks, we can provide access to cash for companies that may have hit a rough patch.”
“This company is looking into adding purchase order funding or letters for credit to their factoring facility. During this key phase in our client’s turnaround cycle the additional liquidity can be a major benefit. It’s also important that we provide access to local decision makers, comprehensive back office and credit support and funding that isn’t capped but grows with them. Through flexible financing we are confident this company will have the funding it needs to get back on the right track.”
Bibby Financial Services is a worldwide market provider in business cash-flow solutions to small- and medium-sized companies. Along with providing accounts receivables financing, Bibby Financial Services also provides purchase order funding and letters of credit.