Bibby Financial Services provided a combined $22.5 million in funding to 70 new clients across a wide range of industries within the U.S. and Canada during the first quarter of 2017.

Overall, BFS provided $4 million more in funding and supported 19 more clients compared to Q1/16. This increase in funding represents a 22% increase in business growth year-over-year.

New accounts were secured across all of the company’s business lines and represented an extensive range of industries throughout the U.S. and Canada, demonstrating BFS’s strong growth trajectory in North America. BFS Canada posted its strongest first quarter ever with an unprecedented 29 deals, setting a record for new business performance.

“Our unique financing solutions support small and medium-sized enterprises (SMEs) in virtually every industry, providing business owners with access to working capital and the funding they need to help their businesses grow and thrive,” said Ian Watson, CEO of BFS North America. “The complexity of these deals reflects the highly tailored approach we take to meeting the individual needs of our clients during every stage of their business. The impressive achievements we’ve seen this quarter are a testament to our talented team and the investments we’ve made to strengthen our sales and business development efforts.”

Below are highlights of the first quarter deals.

U.S.
Asset Based Lending (ABL) Facilities

  • $5 million revolving line of credit to Praxis Energy Agents, an international maritime trading company based in Texas to support working capital needs and position itself for future growth
  • Nearly $3 million to a Georgia-based building products distributor to refinance existing lines of credit and provide working capital
  • $2.6 million ABL funding line to a New Jersey-based manufacturer and distributor of electronic personal toning devices for working capital purposes

Factoring Facilities

  • $2 million accounts receivable facility was augmented with a small inventory component for a California-based apparel company
  • $1.25 million factoring facility to a promotional products supplier in California to fill crucial customer orders
  • $500,000 line of funding to a southern baked goods manufacturer to support future working capital needs
  • $350,000 accounts receivable facility for a private label apparel company in California to enable the client to pay suppliers and cover other costs related to a large order from an international apparel company
  • $100,000 factoring facility to a North Carolina staffing agency to help meet weekly payroll

Transportation Finance Facilities

  • $500,000 facility to a Michigan-based carrier for day-to-day operations and its expanding fleet
  • $300,000 accounts receivable facility to a California trucking company to support operating expenses like fuel, payroll and insurance
  • $75,000 funding line to a transportation company in Pennsylvania that returned to BFS in favor of lower rates and better fuel cards
  • $75,000 to a Nevada-based transportation company and former client that valued the responsive customer service team at BFS

Canada
Factoring Facilities

  • C$3.5 million ($2.2 million) to a Newfoundland-based waste disposal company for working capital
  • C$2.325 million ($1.64 million) with equipment financing to a printing and fulfillment company that has been with BFS Canada for the past six years to support working capital expenditures
  • C$250,000 ($183,000) to a Quebec staffing agency to meet its payroll, associated taxes and other operating expenses
  • C$100,000 ($73,240)to a Toronto staffing agency specializing in temporary placements and will be used to support the current growth of the business
  • C$100,000 ($73,240) to an Ontario-based medical staffing agency with a to allow the company to pursue new customers by bridging the gap between invoices issued and payments received

Transportation Finance Facilities

  • C$400,000 ($293,000) to an Ontario-based transportation company for working capital needs and day-to-day operations
  • C$250,000 ($183,100)factoring facility to Quebec-based trucking company to enable the company to pursue larger accounts and expand existing operations
  • C$250,000 ($183,100) factoring facility to a trucking company in Ontario to finance the leasing of an additional truck and increase its fleet size