Bibby Financial Services (BFS) announced that in Q4 of 2017 the company provided over $35M in commercial financing to 64 new clients across all of its North American product lines. BFS specializes in financing small and medium-sized businesses (SMBs) in North America from a variety of industries including transportation, staffing, distributing, manufacturing and service. BFS Canada funded 19 new clients and BFS U.S. funded 45 new clients in Q4.
The company saw seven percent more new clients in 2017 than in 2016 across all lines of business and nearly doubled its business in Bibby Transportation Finance. Additionally, the asset based lending (ABL) funding lines closed in Q4 made up more than 50 percent of the funding for the quarter.
In 2018, BFS expects to see a further bump in the number of SMBs in need of factoring and ABL, estimating its client count will increase by more than 10 percent as the key issues confronting most businesses continue to be of concern. The most common issues include rising interest rates for business loans, managing cash flow and attracting new business. According to a recent Gallup Poll, 25 percent of business owners cite issues relating to government policies as a top challenge.
“Factoring and ABL are alternative financial solutions that are essential to entrepreneurs who need working capital to run and grow their businesses. Our client endorsements, the net funds we employed in 2017 and our 2018 projections to increase funds in use by 25 percent are clear indicators that our portfolio of products meets the funding needs of SMBs ,” said Ian Watson, CEO of BFS North America.
Noteworthy financial solutions BFS delivered in Q4 included:
ABL, Factoring and Transportation Finance
- $8M asset based credit facility to the U.S. subsidiary of an international company manufacturing large steel products used by the construction, mining and oil & gas industries
- $7.25M asset based revolving credit facility to a metal and aircraft engine processor and recycler
- $4M AR facility to a California premium vitamin manufacturer
- $2.2M AR facility to an accessories manufacturer and distributor in New York
- $900K AR facility to a global meat trading company in Florida
- $400K AR facility to a South Carolina general trucking company
- $250K AR facility to a Missouri based trucking company
- $250K AR facility to a New England based frozen pizza manufacturer
ABL, Invoice Discounting and Transportation Finance
- $2M CAD AR facility to an Ontario staffing and talent recruiting firm
- $2M CAD AR facility to an Ontario office supplies and office technology solutions provider supporting B2B sector
- $1M CAD AR facility to a diet supplement manufacturer
- $500K CAD AR facility to a transportation brokerage company operation in the U.S. and Canada
- $250K to a Toronto cargo transportation and freight shipping company
- $250K CAD AR facility to a staffing company in Toronto
- $150K CAD AR facility to a premium ice cream manufacturer
With seven locations across the U.S. and Canada, 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.