Bibby Financial Services (BFS) clients have expressed a need for flexible financing that allows them to choose which invoices to factor while maintaining a simple, transparent fee structure. To fulfill this need, BFS created Bibby FastTrack, a streamlined invoice finance and factoring solution for small businesses that offers funding approval in five days or less from application and one simple, set fee for each invoice funded.
Bibby FastTrack is tailored to the needs of small businesses and startups operating in numerous sectors, from staffing and business services to transportation, distribution, manufacturing and oilfield services. It allows them to obtain cash quickly to meet whatever business obligations they have – paying vendors, paying and hiring employees, purchasing inventory, and fulfilling new orders and contracts.
Under the terms of Bibby FastTrack, businesses can get up to 90% advanced on their invoices for the set fee of 3.5% over a 90-day funding period. This new solution provides an attractive alternative or addition to other types of credit lines, such as credit cards and loans, that small businesses use. With no long-term contracts, it gives entrepreneurs the freedom to use only what they need, when they need it – from bridging a cash flow gap in times of seasonal peak to being able to sustain rapid growth.
“Safeguarding cash flow is a tough challenge facing American small businesses, especially if they are young and reliant on self-funding. Cash reserves can be scarce and often insufficient to meet demand for Through our Bibby FastTrack program, businesses can access funding quickly and use it only when they need it without being tied to a long-term contract,” said David Ciccolo, EVP, president and CEO of BFS in North America.
