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Bibby Financial Services Funds Equipment Exporter

February 26, 2014, 07:13 AM
Filed Under: Exporter

Bibby Financial Services announced that it has funded a $750,000 combined purchase order and accounts receivable facility for a Florida-based equipment exporter. The business supplies a variety of products such as air and oil filters, hydraulic systems, and heavy equipment to contractors, utilities providers and other industrial businesses. Most are exported to countries in the Caribbean, such as Jamaica and the Dominican Republic.

The company has been experiencing cash flow gaps between paying its suppliers and receiving payments from its customers. In order to support new business and covering costs, the company turned to Bibby Financial Services. The business, which has received funding from another lender for the past year, is now working with Bibby Financial Services because of its flexible export financing options.

"Suppliers demanding cash at the time of purchase can put pressure on a company's cash flow," said Leigh Lones, CEO, Bibby Financial Services, Americas. "Instead of delaying new business to receive customer payments, this combined facility will help revive this company's liquidity so they have the money they need to grow."

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 receivables finance, recourse and non-recourse factoring, non-notification factoring, export finance, purchase order finance, 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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