Bibby Financial US provided $2 million in funding to a New York-based manufacturing company and $250,000 to a long-haul carrier based in Michigan.
The New York company manufactures RFID tags for tracking inventory. Its previous factoring company required a full paper trail and verification per invoice. With more than 1,000 invoices generated each month, it wasn’t feasible for the business to manage the amount of paperwork required, which resulted in very limited availability. With BFS’ bulk factoring solution, the client was able to increase its funding and free up time to focus on growing their business.
The long-haul carrier has experienced rapid growth since its inception in early 2018 and required funding to support the expansion of its truck fleet as well as pay driver salaries and purchase fuel. Despite being a profitable business, cash flow was tight due to the rapid growth and without funding, the client may have had to close their business. The client chose BFS due to its excellent customer service.
