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Bibby Financial Services Provides $750,000 Facility for Start-Up

March 27, 2014, 06:46 AM
Filed Under: Construction

Bibby Financial Services announced today that it has funded a $750,000 factoring facility for an Arizona-based materials provider to the construction industry.

Established in August 2013, the business delivers ready mix concrete to commercial and residential construction sites with its own fleet of trucks. The company, which started with no operational history, needed access to working capital in order to maintain ongoing business operations.

Typically, access to capital for start-ups can take years to establish. However, Bibby Financial Services, a leader in financing through accounts receivable financing, was able to tailor a factoring facility that would help grow the business.

"Unlike a bank, Bibby Financial Services doesn't need years of trading history in order to provide financing," said Nick Hart, managing director of Bibby Financial Services California. "We understand access to working capital is critical to building a business from the ground up. When this company came to us for help, our team did everything possible to create liquidity for its daily operations."

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, 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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