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Bibby Offers Flexible Transportation Factoring Service

November 25, 2014, 07:38 AM
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Bibby Financial Services announced an innovative new factoring service geared toward Canadian transportation carriers. With this new service, customers can receive advances of up to 95 percent of their invoices with an additional fuel advance.

The service is geared toward mid-market carriers borrowing between $500,000 and $1 million. Additional information about the offering includes:

  • 2.5 percent flat fee
  • Funding off document copies
  • No term agreements
  • Non-notification factoring available subject to credit criteria
  • Additional non-recourse factoring available to credit-approved customers

"Bibby Financial Services leads the industry with this fresh approach to transportation factoring," says Bob Lall, Managing Director Bibby Financial Services Canada. "With this new offering, our customers will have the ability to purchase fuel the moment they pick up a load. This timely funding is imperative to our carriers' success and operational efficiency."

Bibby Financial Services, a worldwide market leader in business cash flow solutions, bridges the access to cash gap between alternative lenders and traditional banks. It operates offices in 10 North American cities and 15 countries. Its product portfolio, which features factoring and asset-lending solutions, serves emerging and established companies. An approved lender for the Export-Import Bank's working capital guaranty program, Bibby USA and Bibby Canada are subsidiaries of its 207-year-old privately held U.K.-based parent.

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