CHICAGO, IL--(Marketwire - Nov 27, 2012) - Bibby Financial Services announced today it provided a $1 million factoring facility to an Illinois-based manufacturer and distributor of multi-media tools.
The company needed improved cash flow after a major customer reduced their yearly orders. Although the company reduced overheads and increased sales, their bank was unwilling to continue financing them. Bibby Financial Services provided the cash flow needed for materials and payroll to help the company take on large orders and start growing their business again.
"Factoring companies will often step in to help businesses in bank workout situations," said Sue Duckett, Managing Director. "Our funding is based on the strength of the client's customer so, unlike many banks, we can provide access to cash for companies that may have hit a rough patch."
Along with providing accounts receivables financing, Bibby Financial Services also provides purchase order funding and letters of credit. These additional products further maximize the cash available for distributors and manufacturing companies.
"This company is looking into adding purchase order funding or letters for credit to their factoring facility. During this key phase in our client's turnaround cycle the additional liquidity can be a major benefit. It's also important that we provide access to local decision makers, comprehensive back office and credit support and funding that isn't capped but grows with them. Through flexible financing we are confident this company will have the funding it needs to get back on the right track."
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, 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 delegated authority program. Bibby Financial Services is a subsidiary of a 204-year-old privately held company based in the United Kingdom.