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Bibby Financial Services Announces Partnership to Help Small Businesses Land Government Contracts

December 10, 2015, 08:03 AM
Filed Under: Industry News

Bibby Financial Services announced the launch of a co-branded working capital solution alongside Houston-based commercial finance firm, Dominion Capital Management Corporation as part of the Government Contract Made Simple (GCMS) program. GCMS is designed to help more small vendors and contractors win profitable government contracts by outsourcing bid and administrative functions to Dominion while also offering financing of up to $100,000 through Bibby Financial Services meaning faster payment options for these small contractors.

U.S. manufacturers, distributors, and wholesalers often find it difficult to extend 30-day credit terms to small supply contractors. By partnering with Bibby Financial Services, Dominion Capital Management Corporation can now offer Business Credit Assurance, a debt-free commercial credit guarantee to minimize credit default while driving more government sales through GCMS firms. Even though the GCMS program is primarily geared to support supply contractors, service contractors may also obtain contract financing through the program.

"Our decision to offer a working capital solution as part of Dominion's GCMS program makes perfect sense," says Leigh Lones, Bibby Financial Services CEO, Americas. "Bibby's expertise in fast, flexible financing alongside Dominion's commitment to helping small suppliers minimize administrative and operational burdens will open the door for the thousands of small businesses that are looking to capitalize on the chance to work with government agencies."

GMCS is designed to support small, minority, woman, and veteran owned businesses that wish to start up or expand to sell goods and services to government agencies. "We started this program to grow economy and value for small businesses and government agencies," said Ervin Hughes, Jr., president, of Dominion Capital Management. "Now that we've partnered with Bibby Financial Services, our co-branded working capital solution will offer a faster payment option for small contractors participating on government contracts at all levels."

Former U.S. congressional member (retired) and Dominion Capital Management CEO, John Lewter commented, "I am excited about this partnership with Bibby. Since our inception, the objective has always been to provide solutions to grow the financial capacity of small businesses nationally and our firm making the SupplierPay pledge supports that goal." The SupplierPay Pledge states that the initiative 'ensures our small suppliers are able to take advantage of our commitment while minimizing new administrative or operational burdens.' The SupplierPay initiative builds off the federal government's Quick Pay initiative, a successful model that pays federal contractors faster or helps them get access to capital.

Bibby Financial Services, a worldwide market leader in business financing solutions, supports businesses of all sizes in virtually every industry with flexible, customized funding 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. Bibby Financial Services is a subsidiary of The Bibby Line Group, a privately held company established in the United Kingdom in 1807.

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