Bibby Financial Services closed two credit facilities for Quebec-based companies, totaling $2.05 million.
Bibby provided $1.8 million in funding to an apparel company that designs and provides quality denim products at accessible pricing. Originally, the company was a supplier to general retailers, but when private retail began slowing down, the company focused on larger chains. Recently, the company was qualified by a retail giant that will triple its growth, and consequently, it requires additional funding. The BFS factoring line will double the business’ borrowing capacity and allow the company to clear goods faster to meet delivery commitments and reach growth potential.
Bibby also extended $250,000 to a business that specializes in medical staffing for nursing homes. As a startup incorporated in July 2019, the company was looking for financing to support its day-to-day operations and growth and factoring seemed to be the best fit as it allows for flexibility in the cash flow as the business grows and recruits more medical professionals.
In addition to these deals, Bibby Financial Services US extended $225,000 to transportation clients in September 2019.