Bibby Financial Services North America (BFS) funded close to $60 million in alternative financial solutions for more than 240 new clients in the U.S. and Canada during Q2 & Q3 of 2018, bringing the company’s mid-year funding outlook to a double-digit increase, up by 50% when compared to the previous year.
BFS saw the highest demand for funding in the transportation and logistics industries, which is believed to be driven by wholesalers and manufacturers stocking up on supplies and raw materials in anticipation of increased tariffs. BFS also saw an increase in requests for funding by staffing and manufacturing businesses. In the mid-year of 2018, Bibby provided financial solutions ranging from $100,000 in transportation finance facilities to a $4 million manufacturing facility.
“Working closely with small and medium-sized business owners to understand their unique challenges is the key to our relationship-based approach and is what sets us apart from other financial services companies,” said Ian Watson, CEO, Bibby Financial Services North America. “At a time when things are uncertain with trade and there is a tightening of the skilled workforce available to business owners, BFS is a financial partner invested in solving the challenges of business operations and helps companies find their path towards growth.”
Mid-year noteworthy financial solutions:
- $4 million factoring facility for a custom products manufacturer in California
- $3 million in funding for a promotional and athletics products licensing manufacturer
- $1 million factoring facility for a Midwest-based telecom construction and engineering firm
- $750,000 factoring facility for a Florida transportation company, plus several other transportation finance facilities
- $650,000 to support an OEM parts manufacturer in the aerospace industry located in Texas
- $600,000 in funding for a nationwide digital and technology platforms and solutions provider
- C$2 million ($153 million) factoring facility for an Ontario digital advertising agency
- * C$2 million ($153 million) non-notification factoring facility to an Alberta oilfield services company
- * C$2 million ($153 million) in funding with inventory to a workwear apparel company in British Columbia
- * C$2 million ($1532 million) to assist a manufacturing company in Ontario
- * C$500,000 ($382,000) factoring facility for an Ontario transportation company
- * Several C$250,000 ($160,000) transportation factoring facilities