Daily News: March 27, 2014

Bibby Provides $750,000 Facility for Start-Up

Bibby Financial Services announced it funded a $750,000 factoring facility for an Arizona-based materials provider to the construction industry.

Established in August 2013, the business delivers ready-mix concrete to commercial and residential construction sites with its own fleet of trucks. The company, which started with no operational history, needed access to working capital in order to maintain ongoing business operations.

Typically, access to capital for start-ups can take years to establish. However, Bibby Financial Services was able to tailor a factoring facility that would help grow the business.

“Unlike a bank, Bibby Financial Services doesn’t need years of trading history in order to provide financing,” said Nick Hart, managing director of Bibby Financial Services California. “We understand access to working capital is critical to building a business from the ground up. When this company came to us for help, our team did everything possible to create liquidity for its daily operations.”