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Bibby Financial Services Closes Four Deals Totalling $4.5MM

November 02, 2018, 07:00 AM
Filed Under: Industry News

Bibby Financial Services (BFS) Canada  provided $2M in funding to a Toronto-based family-run business distributing safety apparel and supplies to retail and industrial companies throughout Canada and with suppliers located in China. The company intends to use the funding to fulfill initial fall orders and to pay suppliers. Funding from BFS will keep the business sustained during expected periods of seasonality as their busiest months are in the fall and winter.

Separately, BFS Canada  provided $2 million in funding for a steel manufacturing company in Toronto. The client chose BFS due to their flexibility and attentiveness to business’ needs. After working through a debt buyout agreement with the company’s current factoring company, BFS was able to fund the business and restart a 4-year relationship with the client. They will use the funding provided for day-to-day working capital to fuel business operating expenses including buying materials and making payroll. 

BFS Canada also extended $250,000 to an Ontario transportation business. The company came to BFS from another company after being dissatisfied with their experience. They had a high concentration with one customer facility, but we worked with them to obtain necessary credit insurance before initiating funding. The company was impressed by BFS’ customer service and decided to factor their second business with BFS, as well. The company intends to use the funding to expand their businesses, increase their fleet and gain more contracts. The company also provided $250,000 in funding for a company in Toronto that started as a farm business, and is still farming, but expanded into excavation and landscaping two years ago. 

The company sub-contracts for another business that is contacted by one of the leading telecommunications providers in Canada for the dismantling and ground work of tall satellite dishes. The owner has around 12 years of experience in the industry and was referred to BFS from a family member who is a current BFS transportation client.

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