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Bibby Financial Services Canada Provides $3MM to Albany Packaging

August 20, 2015, 08:00 AM
Filed Under: Packaging

Bibby Financial Services Canada announces a continued relationship with Albany Packaging, Inc., a Toronto-based retail box manufacturer. The company recently signed a two-year extension with the firm for a $2.5 million factoring facility and $500,000 inventory loan.

Since engaging with Bibby Financial Services in 2014, Albany Packaging closed deals with several large customers and experienced increased revenue across the business, which specializes in unique retail boxes ranging from bakery and take-out containers to high-end gift boxes. The company expects continued growth over the course of the next two years with its strategic financing partner Bibby Financial Services.

“Bibby Financial Services was instrumental to our success and growth trajectory last year,” says Mark Segal, Albany Packaging’s chief financial officer. “Their team is easy to work with and strives to ensure we have a flexible funding solution which can be tailored to our needs at any point in time.”

Manufacturing and production rates are seen as economic indicators, and Canadian manufacturing sales increased in 2013 for the fourth year in a row, according to Statistics Canada. However, the rapid growth of these companies post-recession has also led to an increase in the need for working capital.

“We’ve provided funding solutions to a wide variety of companies in 2015 but are seeing significant growth in the manufacturing sector,” says Leigh Lones, chief executive officer of Bibby Financial Services, Americas. “We are especially proud that our funding can directly impact local economies by supporting growth opportunities within this industry.”

Bibby Financial Services, a worldwide market leader in business cash flow solutions, supports businesses of all sizes with flexible, customized financing solutions. With its asset-based lending and factoring products, the company provides clients access to the working capital needed to grow and support their businesses.

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