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Bibby Financial Services Funds Growing Power Contractor

November 15, 2013, 07:19 AM
Filed Under: Construction

Bibby Financial Services announced today that it has provided a $500,000 facility for an Ontario-based electrical contractor.

The company supplies parts and equipment that supply electricity in portable classrooms, construction sites, and other remote areas. The business was recently acquired by an experienced industry professional who is well-connected in the region. As a result, the company has experienced a steady increase of new business over the past six months.

To support its growth, the contractor first turned to a bank for a traditional loan. However, due to the high demand for their services, the company knew it would quickly need more cash flow than traditional financing could support.

The company turned to Bibby Financial Services for an accounts receivable funding facility of $500,000 to buy out the bank's line of credit and to create additional working capital finance.

"In this case, the company did what many small businesses do -- turn first to a bank for funding. But as the business became more successful, the bank eventually could not keep up with its exponential growth," said Bob Lall, Managing Director, Bibby Financial Services, Canada. "Bibby Financial Services was able to offer the company a more flexible cash flow solution that would fuel its business growth."

With offices in ten North American cities and 15 countries around the world, Bibby's product portfolio includes accounts receivables finance, factoring, export finance, purchase order finance, specialist solutions for the staffing and trucking sectors, and it is an approved lender for the Export-Import Bank's working capital guaranty program. Bibby Financial Services is a subsidiary of a 207-year-old privately held company based in the United Kingdom.

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