Daily News: April 23, 2018

Bibby Provides Nearly $23MM in Funding in Q1/18

Bibby Financial Services provided funding to 91 new clients in the U.S. and Canada during Q1/18. It saw a 30% growth in the number of clients funded in Q1/18 compared to Q1/17, with nearly $23 million in total funding facilities providing business growth over the previous year. In Q1/18, the company provided financial solutions ranging from $100,000 transportation finance facilities to $4 million manufacturing facilities.

“Serving companies across North America, Bibby Financial Services customizes funding products to the unique needs of each business we work with,” said Ian Watson, CEO of BFS North America. “Our success and growth across industries are anchored in building effective relationships with our clients and the personalized approach we take to understanding the needs of our clients during every stage of their business.”

Noteworthy financial solutions from Q1/18 included:

  • $4 million factoring facility for a bike manufacturer in California
  • $1.5 million A/R facility to a Michigan commercial oil and energy services company
  • $500,000 factoring facility for the U.S. division of an IT staffing firm
  • $150,000 A/R facility to a transportation services provider in Florida
  • $5 million CAD A/R facility to an IT systems manufacturer based in Ontario
  • $500,000 CAD factoring facility to an Ontario cabinetry manufacturer
  • $300,000 CAD A/R facility for a transportation carrier based in Alberta and Ontario
  • $250,000 CAD factoring facility to an on-site emergency services provider in the industrial sector