Distributor Turns to Bibby Financial Services for $1 Million Factoring Facility
(firmenpresse) - TORONTO -- (Marketwired) -- 04/11/13 -- announced today that it has funded a Quebec, Canada-based company that packages and distributes cigars and similar products to retailers.
The business had been profitable, but changing legislation and tax issues resulted in a temporary dip in revenue. The company responded quickly to return to profitability, adjusting its business model to focus on its most lucrative product, high-end cigars. Despite these changes, the bank asked the firm to repay its line, leaving it in need of a cash flow solution.
"Factoring, or , is more flexible that bank lending," said Bob Lall, Managing Director. "We base our lending criteria upon the quality of a company's customers, not personal credit scores or trading history. This enables us to provide solutions to companies that might not qualify for a traditional bank loan, like seasonal businesses, companies that are growing quickly, or those, like this client, that have hit a bump in the road."
Lall added: "These company owners are experienced, know their market and have great relationships with their vendors; they needed a cash flow provider to help them overcome this hurdle. At Bibby Financial Services, we help companies in these situations by providing an immediate cash injection based on their outstanding invoices and an ongoing cash flow solution."
This company will use the accelerated cash flow to grow its business and fund day-to-day operations.
is a worldwide market leader in business cash flow solutions to small and medium-sized companies. With offices in nine North American cities and 15 countries around the world, its product portfolio includes accounts receivables finance, factoring, , purchase order finance, specialist solutions for the staffing and trucking sectors, and it is an approved lender for the Export-Import Bank's working capital guaranty delegated authority program. Bibby Financial Services is a subsidiary of a 206-year-old privately held company based in the United Kingdom.
For more information on Bibby Financial Services, visit: or , or Facebook at: .
Stacy Huston
630/493-3133
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Datum: 11.04.2013 - 10:07 Uhr
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