TORONTO--(Marketwired - May 28, 2013) - Bibby Financial Services announced today it has provided a manufacturer of composite materials for floors, desks and fences with a $3.25 million factoring facility.
The business was growing quickly due to the popularity of its patented sub floor panel design. After winning a large contract, the company needed a cash flow solution that would provide flexibility and liquidity to fund growth. It turned to Bibby Financial Services for an accounts receivable facility.
"This company was looking for a funder that would support its plans," said Bob Lall, Managing Director, Bibby Financial Services, Canada. "Working with a stable, proven lender is important to their leadership, and they appreciated that our seasoned management team has supported companies in similar situations."
Continued Lall: "This is an excellent example of a company that can benefit greatly from accounts receivable financing. The receivable facility is based on sales so the amount of cash available will increases as its sales increase. We hope this company may one day also take advantage of our purchase order financing, which would further increase its liquidity because it won't have to pay the cost of importing supplies upfront."
About Bibby Financial Services
Bibby Financial Services is a worldwide market leader in business cash flow solutions to small- and medium-sized companies. With offices in eight North American cities and 15 countries around the world, its product portfolio includes accounts receivables finance, factoring, non-notification factoring, export finance, purchase order finance, specialist solutions for the staffing and trucking sectors, and it is an approved lender for the Export-Import Bank's working capital guaranty program. Bibby Financial Services is a subsidiary of a 206-year-old privately held company based in the United Kingdom.