funding for staffing businesses
"If it were not for companies like Bibby Financial Services, many businesses like ours would not have the opportunity to grow and succeed. They provide a fantastic offering, and I think without them, we would see a lot more companies facing unnecessary bankruptcies."

Jeff Thiessen, President, Dansons

Background

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 was forced to turn 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 funding company and Dansons left them unsatisfied due to a variety of factors including geography, client services and overall cost.

Solution

After conducting additional research on the large amount 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.

Outcome

During its partnership with BFS, the company grew its revenues by more than 60 percent. While they’ve since transitioned back to a traditional lending partnership with a bank, Thiessen and his team know the company owes a great deal of its success to BFS.

Asset Based Lending, ABL

Business World International

A B2B publishing firm headquartered in Canada with operations across Australia, North America and Africa

Asset Based Lending, ABL

Albany Packaging

A Distribution business who sought an alternative option when the banks failed to support

Asset Based Lending, ABL

Dansons

A Distribution business who sought an alternative option when the banks failed to support