Bibby Financial Services (BFS) today announced that it has provided $16M in funding to 77 new clients in the second quarter of 2017. BFS US and BFS Canada brought on 56 and 21 new clients respectively, during the second quarter. The Nashville-based Bibby Transportation Finance (BTF) group brought on a significant number of the new clients for BFS US delivering timely freight bill and invoice financing solutions to small and medium-sized trucking and logistics companies.
Aside from transportation, new clients represented a range of targeted industries including professional staffing and temporary services, marketing and advertising, manufacturing, and wholesale and distribution. Compared to the second quarter of 2016, BFS new client funding lines are up 60 percent in the US and 25 percent in Canada. Across the business, the company has also retained significantly more clients due to its aggressive advance rates and overwhelming client satisfaction as reflected in high net promoter scores which measure customer loyalty.
“Being able to help so many business owners with our funding and back office support is what drives our team to be so committed,” said Mary Ann Hudson, EVP and Head of Bibby Transportation Finance. “Our services and resources, including same day funding in some cases, full back office support, 24/7 online account management access, and a variety of discounts and benefits we offer to single owner-operators and large fleet owners alike, set us apart from other commercial finance companies. It’s the reason why so many of our clients stay with us for years.”
Notable financing solutions delivered during the second quarter included:
Factoring, ABL and Transportation Finance
- $2M AR facility to an ingredients manufacturer and supplier in the Midwest
- $750K confidential AR facility to a Texas cracker manufacturer to support its growth strategy
- $500K AR facility to a Louisiana-based distributor of high-quality audio speakers, amplifiers and audio accessories
- $500K AR facility to the US branch of a global marketing company which chose BFS over its previous factor for flexibility and lower rates
- $250K AR facility to a Texas freight broker who also took advantage of BTF's connections to get better pricing on transportation management software
- $75K AR facility to a New Jersey-based long distance carrier whose owner chose BTF based on his experience with BTF as an employee of another BTF client
ABL, Factoring and Invoice Discounting
- $1M CAD AR facility to an Alberta trucking company that assisted in the Fort McMurray 2016 wildfire recovery efforts although their profitability was impacted which led to the bank exiting the relationship
- $1M CAD AR facility to an advertising and marketing technology company
- $750K CAD AR facility to an Ontario-based logistics and FTL trucking company with 16 trucks to prepare for a future expansion into the US
- $500K CAD AR to an Ontario-based industrial heat treating company to support the purchase of an additional furnace to expand operations
- $250K CAD AR facility to an Ontario staffing firm providing greater flexibility that a line of credit from its former bank
- $150K CAD AR facility to an Ontario are transportation company, referred by a BFS staff member
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.