Bibby Provides Canadian Transportation Co. Facility
Bibby Financial Services announced it funded a $500,000 facility for a Montreal-based transportation company.
For more than 15 years, the business has offered dedicated, general and refrigerated transport for a variety of commercial goods with a fleet of 40 trucks servicing Quebec and Ontario. It also supplies administrative services for its customers, including receipt of goods, computerized inventory management and order preparation.
The company had a traditional bank line of credit for more than a decade, but a recent increase in demand prompted the need for more flexible financing options. With more growth projected for 2014, the business turned to Bibby Financial Services for additional funding to keep up with daily operational costs and additional trucks.
“This company was looking for a financier who could deliver a fast cash flow solution backed by responsive local decision-makers,” said Bob Lall, managing director of Bibby Financial Services Canada.
“In order to take advantage of growth opportunities, businesses will often need funding that is more flexible than what a traditional bank can provide. Bibby Financial Services was able to meet this transportation company’s needs and help finance its expansion,” Lall added.