Bibby Financial Services Canada (BFS) closed a combined $4.25 million line of financing to two Canadian manufacturing companies. The funds will allow the companies to generate more working capital for their day-to-day business needs and improve liquidity at a time when banks are restricting funding to small businesses in some industries.

“BFS’ commercial thinking, flexibility and ability to look past the numbers has allowed our clients to improve their liquidity,” said Calum Williamson, head of Operations at BFS Canada. “By freeing up cash flow, our customers are able to take advantage of supplier discounts by paying early and can take on new projects. In many cases, we are not only willing to fill the funding void caused by banks restricting credit lines, but we are also able to greatly increase the businesses’ liquidity.”

A $3.25 million factoring facility will support a Quebec-based provider of maintenance repair and manufacturing services for light and heavy-duty vehicles in the automotive and transportation industry. The confidential factoring solution provides back office support and ongoing receivables and credit management. This funding from BFS will be used to help the business reduce overhead, capitalize on discounts from suppliers and increase profitability over the next two years.

A $1 million invoice discounting facility was provided to an Alberta and British Columbia-based supplier of industrial manufacturing services for the oil and gas industry. This funding will allow the company to eliminate debt and focus on growth over the next 12 months.