Daily News: April 12, 2019

Bibby Provides $1.95MM in Funding for Four Clients


Bibby Financial Services has recently provided $1.95 million in funding for four clients.

The transactions include:

  • $250,000 in funding for a South Carolina transportation company. With strong experience in trucking, the owners of this start-up freight brokerage chose BFS due to its expertise in funding new companies. The company has access to back office admin support to ensure carrier payments are made on time, thus allowing the business to grow.
  • $500,000 to an Ohio-based company specializing in IoT-connected firmware, hardware and software. The client turned to BFS for flexible, customized funding to support its rapid growth. They offer full-service product design consultancy which takes its consumers’ products from the initial concept through final production. The $500,000 facility will be used to grow the business and keep up with growing demand.
  • $450,000 factoring facility to a staffing company operating in the southern United States and Canada. The owner had several related entities with loans and guarantees between the various companies but needed alternative financing to help the staffing business go further. Funding from BFS will enable the client to pay down debt, meet its other financial obligations and make payroll.
  • $750,000 in funding to a Detroit-based transportation company that specializes in wide load transporting. The client was using another factor before switching to BFS at the recommendation of their banker because BFS had the capacity to handle the business’s growth. The $750,000 facility has enabled the client to pay down debt and invest back into the company to expand operations.