Daily News: November 2, 2018

Bibby Provides $4.5MM in Funding to Four Canadian Businesses

Bibby Financial Services Canada recently provided $4.5 million in funding to four Toronto and Ontario-based companies.

Bibby first provided $2 million in funding to a Toronto-based family-run business distributing safety apparel and supplies to retail and industrial companies throughout Canada and with suppliers located in China.

The company intends to use the funding to fulfill initial fall orders and to pay suppliers. The funding will keep the business sustained during expected periods of seasonality as their busiest months are in the fall and winter.

Bibby then provided $2 million in funding to a steel manufacturing company in Toronto. The client chose BFS due to their flexibility and attentiveness to business’ needs. After working through a debt buyout agreement with the company’s current factoring company, BFS was able to fund the business and restart a 4-year relationship with the client.

The client will use the funding for day-to-day working capital and business operating expenses, including material purchases and payroll.

Bibby also extended $250,000 to an Ontario-based transportation business. The company came to BFS from another company after being dissatisfied with their experience. They had a high concentration with one customer facility, but obtained the necessary credit insurance before initiating funding. The company also factored their second business with BFS.

The company intends to use the funding to expand their businesses, increase their fleet and gain more contracts.

Finally, Bibby provided $250,000 in funding to a company in Toronto that started as a farm business before expanding into excavation and landscaping two years ago.

The company sub-contracts for another business that is contacted by one of the leading telecommunications providers in Canada for the dismantling and ground work of tall satellite dishes. The owner has around 12 years of experience in the industry and was referred to BFS from a family member who is a current BFS transportation client.