Bibby Financial Services recently provided $4 million in funding to four different clients throughout the U.S.
$1 million in funding went to a Midwest company that provides telecommunications services and utility contract work for Internet and cable service providers in the Midwest and West Coast. Large contracts with several major services providers and large enterprise companies often stipulate that these clients pay on extended payment terms, which leads to cash flow issues for the business’ owners. The funding will provide working capital for operating expenses and to fund payroll.
$1.5 million in funding went to an Atlanta-based apparel company using ethical manufacturing practices to produce athletic and lifestyle products for its customers and create licensed products for sports teams. The company is rapidly growing with new customers and with current customer requests for more products. The owners will use this funding line to increase inventory and supplies, to fund payroll for their growing staff and to have liquidity for operational changes and expenses.
$1.25 million went to the U.S. subsidiary of a licensing promotional product wholesaler/distributor headquartered in the UK. The client needed additional working capital to provide liquidity that would support the business’ U.S. operations. Their biggest challenge is seasonality, as the business experiences an increase in requests for merchandise before film and video game promotions, then order requests slow down the months after release. The funding will be used to expand its sales team with the expectation of increasing generated sales.
Finally, $250,000 in funding went to a new startup company with principal owners that have several years of experience in the trucking sector. Already familiar with factoring, their focus was on finding the right funder for their business. With BFS, they consolidated several debtors with varying quick payment options, running all accounts receivable through BFS for processing and funding. The funding also allowed the company to focus on increasing their freight volume and adding capacity by way of additional owner-operators, leading to steady and quick growth.
