ATLANTA--(BUSINESS WIRE)--Bibby Financial Services (BFS) today announced a combined $22.5M in funding to 70 new clients across a wide range of industries within the U.S. and Canada during the first quarter of 2017. Overall, BFS provided $4M more in funding and supported 19 more clients compared to the first quarter of 2016. This increase in funding represents a 22% increase in business growth year-over-year.
New accounts were secured across all of the company’s business lines and represented an extensive range of industries throughout the U.S. and Canada, demonstrating BFS’s strong growth trajectory in North America. Notably, BFS Canada posted its strongest first quarter ever with an unprecedented 29 deals setting a record for new business performance.
“Our unique financing solutions support small and medium-sized enterprises (SMEs) in virtually every industry, providing business owners with access to working capital and the funding they need to help their businesses grow and thrive,” said Ian Watson, CEO of BFS North America. “The complexity of these deals reflects the highly tailored approach we take to meeting the individual needs of our clients during every stage of their business. The impressive achievements we’ve seen this quarter are a testament to our talented team and the investments we’ve made to strengthen our sales and business development efforts.”
Notable financing solutions delivered during the quarter included:
United States
Asset Based Lending (ABL) Facilities
- Delivered a $5M revolving line of credit to Praxis Energy Agents, an international maritime trading company based in Texas that will use the facility to support working capital needs and position itself for future growth.
- Provided nearly $3M in financing to a Georgia-based building products distributor to refinance existing lines of credit and provide working capital.
- A $2.6M ABL funding line was provided to a New Jersey-based manufacturer and distributor of electronic personal toning devices. The financing will be used for working capital purposes. The transaction is an example of BFS’s international strength, as BFS Ireland maintains a €4M factoring line for the U.S. client’s Western European parent company.
Factoring Facilities
- A new $2M accounts receivable facility was augmented with a small inventory component for a California-based apparel company.
- Delivered a $1.25M factoring facility to a promotional products supplier in California that will use the financing to fill crucial customer orders.
- Provided a $500K line of funding to a southern baked goods manufacturer to support future working capital needs.
- Supported a private label apparel company in California with a $350K accounts receivable facility that will enable the client to pay suppliers and cover other costs related to a large order from an international apparel company.
- A $100K factoring facility was provided to a North Carolina staffing agency to help meet weekly payroll.
Transportation Finance Facilities
- Delivered a $500K facility to a Michigan-based carrier that will provide capital for day-to-day operations and its expanding fleet.
- A $300K accounts receivable facility was provided to a California trucking company to support operating expenses like fuel, payroll and insurance.
- A $75K funding line was delivered to a long-time transportation company in Pennsylvania that returned to BFS in favor of lower rates and better fuel cards.
- Provided $75K to a Nevada-based transportation company and former client that valued the responsive customer service team at BFS.
Canada
Factoring Facilities
- A $3.5M CAD factoring facility was provided to a Newfoundland-based waste disposal company to support its day-to-day working capital needs.
- Provided a $2.325M CAD facility with equipment financing to a printing and fulfillment company that has been with BFS Canada for the past six years and will use the funding to support working capital expenditures.
- Delivered $250K CAD in funding to a Quebec staffing agency that will use the facility to meet its payroll, associated taxes and other operating expenses.
- A $100K CAD factoring facility was provided to a Toronto staffing agency specializing in temporary placements and will be used to support the current growth of the business.
- Supported an Ontario-based medical staffing agency with a $100K CAD factoring facility that will allow the company to pursue new customers by bridging the gap between invoices issued and payments received.
Transportation Finance Facilities
- A $400K CAD facility was provided to an Ontario-based transportation company for working capital needs and day-to-day operations.
- Provided a Quebec-based trucking company with a $250K CAD factoring facility that will enable the company to pursue larger accounts and expand existing operations.
- A $250K CAD factoring facility was delivered to a trucking company in Ontario to finance the leasing of an additional truck and increase its fleet size.
With seven locations across the U.S. and Canada that provide more than $1.5 billion in funding annually, BFS is supported by a global network of commercial finance experts with unique specializations and experience across a range of industries.
About Bibby Financial Services
Bibby Financial Services is a leading independent financial services partner to more than 10,250 businesses worldwide providing more than $1.25 billion in funding annually and handling $11.6 billion in annual client turnover globally. With over 44 operations in 13 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.
