MISSISSAUGA, Ontario--(BUSINESS WIRE)--Bibby Financial Services Canada (BFS) today announced a combined $4.25 million line of financing to two Canadian manufacturing companies. The funds will allow the companies to generate more working capital for their day-to-day business needs and improve liquidity at a time when banks are restricting funding to small businesses in some industries. With these deals, BFS has provided $300 million in financing in 2016 to 250 Canadian companies in virtually every sector including staffing, manufacturing, distribution and transportation and logistics.
“BFS’ commercial thinking, flexibility and ability to look past the numbers has allowed our clients to improve their liquidity,” says Calum Williamson, Head of Operations at BFS Canada. “By freeing up cash flow, our customers are able to take advantage of supplier discounts by paying early and can take on new projects. In many cases, we are not only willing to fill the funding void caused by banks restricting credit lines, but we are also able to greatly increase the businesses’ liquidity.”
A $3.25 million factoring facility will support a Quebec-based provider of maintenance repair and manufacturing services for light and heavy-duty vehicles in the automotive and transportation industry. The confidential factoring solution provides back office support and ongoing receivables and credit management so the company always has access to the information it needs to make the right business decisions. This funding from BFS will be used to help the business reduce overhead, capitalize on discounts from suppliers, and increase profitability over the next two years.
A $1 million invoice discounting facility was provided to an Alberta and British Columbia-based supplier of industrial manufacturing services for the oil and gas industry. This funding will allow the company to eliminate debt and focus on growth over the next 12 months. BFS has a unique advantage in understanding the needs of small and medium-sized enterprises (SME) in the oil and gas industry through its work with Bibby Offshore, a sister-company owned by Bibby Line Group that services offshore and subsea businesses.
BFS has a long history of serving manufacturing companies in a variety of industries and these new funding facilities further demonstrate BFS’ desire to support SMEs that are in need of alternative financing as banks restrict access to working capital. As a leading provider of commercial funding solutions with offices in Montreal and Ontario, BFS Canada is committed to building personal relationships so its customers can focus on investing their time and resources into expanding their businesses and focus on future growth strategies.
About Bibby Financial Services
Bibby Financial Services is a leading independent financial services partner to more than 9,500 businesses worldwide providing more than $1 billion in funding globally. With over 40 operations in 14 countries spanning Europe, North America and Asia, we provide asset-based lending and factoring solutions to help businesses grow in domestic and international markets. Established in 2001, Bibby Financial Services North America has seven offices in the U.S. and Canada that support businesses in virtually any industry. We hold memberships in the Commercial Finance Association, the International Factoring Association, and the American Finance Association. Bibby Financial Services is part of Bibby Line Group (BLG), a diverse and forward-looking family business with over 200 years’ experience of providing personal, responsive and flexible customer solutions. To find out more about Bibby USA and Bibby Canada, please visit www.bibbyusa.com or www.bibbycanada.ca.
