Bibby Provides Distributor With $8MM Factoring Facility
Bibby Financial Services announced it provided an $8 million factoring facility to a Chicago-based distributor of hardware and software solutions.
The business had historically been profitable; however, it hit a bump in the road in 2012 that put a strain on its bank relationship. At the same time, the company needed to accelerate cash-flow to fund growth and fulfill a large upcoming order. The business turned to accounts receivable financing with Bibby Financial Services for cash-flow solutions and flexible financing.
“This client required a flexible funding solution quickly,” said Sue Duckett, managing director, Bibby Financial Services, Midwest. “The company needed fast turnaround times in order to buy out the bank loan and have the cash in hand for the large order. At Bibby Financial Services, access to local decision-makers speeds up the approval process. In this situation, we were able to provide funding within 12 days of the initial conversation so that the client could move to a less-restrictive form of finance to fulfill its upcoming order.”
Bibby Financial Services is a worldwide market leader in business cash-flow solutions to small- and medium-sized companies.