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Bibby Financial Services Provides $3MM Facility to Temp Staffing Agency

June 26, 2014, 07:09 AM
Filed Under: Staffing Services

Bibby Financial Services announced that it has funded a $3 million factoring facility for a Maryland-based temporary staffing agency. The company, established in 1988, offers payroll services and temporary staffing recruitment for supporting roles within the administrative, clerical, IT, and healthcare industries.

Although the staffing agency was well-established, it began having trouble meeting weekly payroll and affording daily operations because its current lender was not providing full cash availability on its account receivables. 

By offering competitive advance rates and a more flexible financing option, Bibby Financial Services’ $3 million recourse factoring facility helped the business regain the working capital it requires. 

 “Typically, staffing agencies rely on working capital to afford obligations like weekly payroll,” said Sue Duckett, Managing Director for Bibby Financial Services Midwest. “We were able to improve liquidity and find a more sensible solution to help this company meet its weekly needs and look forward to growing its business.”

Bibby Financial Services is a worldwide market leader in business cash flow solutions to small- and medium-sized companies. With offices in ten North American cities and 15 countries around the world, its product portfolio includes accounts receivable finance, recourse and non-recourse factoring, non-notification factoring, export finance, purchase order finance, asset based lending, specialist solutions for the trucking sector, 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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