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Bibby Financial Services Provides Distributor With $8 Million Factoring Facility

CHICAGO, IL--(Marketwired - May 22, 2013) - Bibby Financial Services announced today it has provided an $8 million factoring facility to a Chicago-based distributor of hardware and software solutions.

The business had historically been profitable, however, it hit a bump in the road in 2012 that put a strain on its bank relationship. At the same time, the company needed to accelerate cash flow to fund growth and fulfill a large upcoming order. The business turned to accounts receivable financing with Bibby Financial Services for cash flow solutions and flexible financing.

"This client required a flexible funding solution quickly," said Sue Duckett, Managing Director, Bibby Financial Services, Midwest. "The company needed fast turnaround times in order to buy out the bank loan and have the cash in hand for the large order. At Bibby Financial Services, access to local decision-makers speeds up the approval process. In this situation, we were able to provide funding within 12 days of the initial conversation so that the client could move to a less-restrictive form of finance to fulfill its upcoming order."

Continued Duckett: "Accounts receivable financing is more flexible than a bank loan. We look at the strength of our client's customers rather than its operating history and credit score. And, since our funding is based on receivables, the amount available grows with the client, providing the liquidity necessary to handle periods of fast growth and large orders."

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.

For more information on Bibby Financial Services, visit: www.bibbyusa.com or www.bibbycanada.ca, or Facebook at: www.facebook.com/bibbyfinancial.northamerica.