$21M in Funding Provided Q1 to North American Small and Medium Sized Businesses by Alternative Financer Bibby Financial Services

ATLANTA–(BUSINESS WIRE)–Bibby
Financial Services
(BFS) funded close to $21M in alternative finance
solutions in the U.S. and Canada during Q1 of 2019. BFS saw the highest
demand for funding in the transportation and wholesale/distribution
industries. The slowdown in the U.S. economy at the end of last year
seems to have been felt throughout all sectors, though this year’s first
quarter forecasts are showing positive signs of stable growth.

“With the current flat economy, there is a general feeling of
uncertainty. Recently, the Federal Reserve left interest rates unchanged
and dialed back projections for further rate hikes in 2019. We see SMBs
are hesitant to make changes to their current financing or to apply for
new facilities. At the same time, lenders are being very accommodating
in finding creative ways to provide liquidity to current and prospective
borrowers. It is key to remember that there are plenty of ways to secure
funding now to position your business for growth even in an economic
slowdown,”
said David Ciccolo, EVP, Managing Director for BFS in the
U.S.

“Canada’s economy has felt the ripple effects of the economic
slowdown in the U.S. in Q4 2018, experiencing the lowest rate of GDP
growth over the last two years,”
explained Kash Ahmad, EVP, Managing
Director for BFS in Canada. “That said, BFS is confident in the
potential of the Canadian economy and we remain committed to supporting
SMEs through the financing they require to enable them to take advantage
of growth opportunities here and abroad.”

Supporting small business growth, BFS made available several funding
lines for transportation businesses, including $1.5M in funding for an
Illinois-based food manufacturer and a $750K CAD factoring facility for
a Toronto-based business that hauls loads in Canada and the United
States. The funding will allow these companies to expand operations and
grow.

Noteworthy financial transactions in Q1:

United States

  • $1.5M in factoring funding to an Illinois food manufacturer
    specializing in natural whole foods
  • $1.25M factoring facility for a U.S. subsidiary of a licensed
    promotional products distributor
  • $750K in funding for a Detroit transportation company
  • $500K factoring facility for an Ohio company specializing in
    IOT-connected firmware, hardware and software
  • $450K factoring facility for a staffing company operating in the U.S.
    and Canada
  • $250K in funding for several transportation start-ups throughout the
    U.S.

Canada

  • $1.85M CAD factoring facility for a Toronto grain distributor
  • $1M non-notification factoring line to an Ontario-based distributor of
    HVAC equipment
  • $750K CAD factoring facility for a Toronto transportation business
  • $400K CAD in funding to assist a Toronto company that transports new
    and used luxury vehicles from major car dealerships

About Bibby Financial Services

Bibby Financial Services is a leading independent financial services
partner to more than 10,900 businesses, providing more than $1.25
billion in funding annually and handling $11.6 billion in annual client
turnover. With over 40 operations in 14 countries spanning 3 continents,
we provide asset-based lending and factoring solutions to help
businesses grow in domestic and international markets. Established in
2001, Bibby Financial Services supports businesses in virtually any
industry. BFS is part of Bibby Line Group, 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 BFS
in the USA and Canada, please visit
www.bibbyusa.com
or www.bibbycanada.ca.

Contacts

Write2Market for Bibby Financial Services
Carla Etheridge:
727-385-8910
carla@write2market.com

Author: dmnnewswire