SOURCE: Bibby Financial Services

Bibby Financial Services

December 14, 2015 08:31 ET

Bibby Financial Services Funds Staffing Company With $1M Factoring Facility

Funding From ABL and Factoring Leader Provided to Support Staffing for Gulf Coast Oil Spill Cleanup

ATLANTA, GA--(Marketwired - Dec 14, 2015) - Bibby Financial Services announces a $1 million factoring facility provided to a national labor subcontracting company. The company provides skilled, semi-skilled and specialty labor to businesses in a variety of industries across the country.

The skilled labor staffing firm specializes in providing businesses with engineering and management personnel to manage catastrophe cleanup. Staffing is a key vertical market for Bibby Financial Services, where the invoice payment gap can often average between 45 and 60 days. Bibby Financial Services expects to see continued growth in this vertical market in 2016 to help businesses manage cash flow.

The company sought Bibby Financial Services in the midst of servicing a number of large new contracts for the Deepwater Horizon oil spill cleanup in the Gulf of Mexico. The funding allowed the staffing services company to finance payroll for these new accounts in a timely manner, while still maintaining a critical focus on business development.

"We take pride in supporting companies that offer services that support environmental restoration," says Leigh Lones, Bibby Financial Services CEO, Americas. "This effort aligns with Bibby's corporate initiatives aimed at carbon offsetting in our respective communities across the globe."

About Bibby Financial Services
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 proud to have helped more than 8,900 clients grow their businesses by providing more than $1 billion in funding across the globe. It operates offices in seven North American cities and 16 countries. Bibby Financial Services is a subsidiary of The Bibby Line Group, a privately held company established in the United Kingdom in 1807. For more information, please visit www.bibbyusa.com or www.bibbycanada.ca.

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