Bibby Provides Factoring Facility to Solar Panel Maker
Bibby Financial Services announced that it has provided a $1 million factoring facility to an Ontario, Canada-based manufacturer and distributor of solar panels to the energy sector.
The company is growing rapidly and needed additional cash flow to fund its expansion.
“This client opened its doors in 2011 and has since grown from two employees to more than 80,” said Bob Lall, managing director. “This is an ideal situation for factoring; our facility is more flexible than bank financing because it is based on the client’s invoices and is therefore capable of growing alongside the client without the restrictions typical in bank financing.”
According to Lall, “The ability to fund the company’s growth, along with our local presence and comprehensive back office support, is important during this key phase of its growth cycle.”
Bibby Financial Services is a provider in business cash-flow solutions to small- and medium-sized companies.