SOURCE: Bibby Financial Services

Bibby Financial Services

June 29, 2011 14:39 ET

Bibby Financial Services Funds Growth for Group of Automotive Supplier Companies

TORONTO--(Marketwire - Jun 29, 2011) - Bibby Financial Services announced today that it provided a $2 million facility for a family-owned group of automotive parts suppliers.

This group of companies specializes in electroplating, an important metal finishing step within the automotive manufacturing process. Bibby Financial Services funded two firms concentrating in nickel and chrome plating and one company focused upon zinc coatings.

"Automotive manufacturing is one of the key industries of expertise at Bibby Financial Services. No matter how good or bad the economy, we have been able to provide funding for these companies to help them move forward," said Bob Lall, Managing Director Bibby Financial Services Midwest and Canada. "Factoring is an ideal solution for automotive manufacturers that have an inherent cash gap as they wait for invoices to be paid but need cash for new materials and to pay suppliers."

Bibby Financial Services is a worldwide market leader in business cash flow solutions to small and medium-sized companies. With offices in eight North American cities and 13 countries around the world, its product portfolio includes accounts receivables finance, factoring, export finance, 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 203-year-old privately held company based in the United Kingdom.

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