Bibby Provides a Group of Businesses With $3MM Factoring Facility
Bibby Financial Services announced that it has funded an Ontario, Canada-based temporary staffing company that provides staffing solutions across the light industrial and financial services sectors. Bibby has provided the company with a $3 million factoring facility.
The company already has two operating units that are current clients of Bibby Financial Services. This latest addition will use the increased cash flow to stay ahead of payroll expenses — a major concern for any staffing firm. Bibby has provided the company with a $3 million factoring facility.
“Factoring is a smart choice for staffing companies due the pressure of meeting weekly or monthly payrolls,” said Bob Lall, managing director, Bibby Financial Services (Canada). “A staffing company might have 30-day terms for payment while its temporary employees expect weekly payroll checks. Factoring bridges the gap between invoicing and receiving payments. With increased cash flow and a factor following up on invoices for its clients, a staffing company has the time and working capital it needs to take on new business.”
Bibby Financial Services is a provider in business cash-flow solutions to small- and medium-sized companies.