Dansons had a relationship with two traditional banks in Canada, but was eventually forced out because of the size of its business. Because banks were unwilling to take on additional lending risks during that time, Dansons turned to what many view as an unconventional funding option – accounts receivable financing. Dansons faced a few cultural differences with its first factoring provider. While the company benefited overall from this type of funding, the business relationship between the financial company in Canada and Dansons left them unsatisfied due to a variety of factors including geography, client services and overall cost.
After conducting additional research on a lot of players in the accounts receivable space, the company determined Bibby Financial Services was a better fit thanks to its local Canadian presence and more affordable funding solutions. While they may have selected Bibby for these reasons, they stayed engaged with BFS thanks to exceptional service and a cultural fit. Dansons appreciated the personal attention BFS account representatives paid to the company which included engaging in quarterly in-person meetings during the critical first year and a half of the partnership.
BFS provided Dansons with a level of responsiveness unmatched by any financial institution Dansons had worked with in the past. Jeff Thiessen, president of Dansons, also appreciated the fact that BFS limited cumbersome reporting requirements once the company was engaged in the partnership. Bibby Financial Services bridged the gap between traditional lending and alternative lending, offering the company an affordable solution. The leadership at Dansons recognizes that the company would not be thriving today without support from Bibby Financial Services.