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Bibby Financial Services Closes Two Deals Totaling $2.35MM

September 27, 2019, 08:00 AM
Filed Under: Manufacturing

Bibby Financial Services (BFS) provided $2 million in funding to a company based in New York that manufactures RFID tags for tracking inventory. Their previous factoring company required a full paper trail and verification per invoice. With over 1,000 invoices generated each month, it wasn’t feasible for the business to manage the amount of paperwork required, which resulted in very limited availability. With BFS’ bulk factoring solution, the client was able to increase their funding and free up time to focus on growing their business.

Separately the company extended $350K to a long haul carrier based in Michigan. The company has experienced rapid growth since its inception in early 2018 and required funding to support the expansion of its truck fleet as well as pay driver salaries and purchase fuel. Despite being a profitable business, cash flow was tight due to the rapid growth and without funding, the client may have had to close their business. The client chose BFS due to their excellent customer service.

Bibby Financial Services North America made nearly $3.6M of funding available to new clients in August 2019.

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