SOURCE: Bibby Financial Services

Bibby Financial Services

September 25, 2013 10:00 ET

Bibby Financial Services Provides Canadian Manufacturing Firm With $1.5 Million Factoring Facility

TORONTO, ON--(Marketwired - Sep 25, 2013) - Bibby Financial Services announced today that it has provided a $1.5 million factoring facility to an Ontario, Canada-based manufacturer of plastic containers for the food industry.

The company is growing rapidly through new contracts with major U.S. food retailers and it needs additional cash flow to fund its expansion.

"This client began manufacturing food packaging products in 2007 and has expanded substantially in the past two years," said Bob Lall, Managing Director, Bibby Financial Services, Canada. "The company needed to invest in research and production to keep up with the growing demand for its products. However, its bank was unable to provide a flexible solution to support this extra expenditure."

The company turned to Bibby Financial Services for a more flexible cash flow solution.

According to Lall, "Factoring is more flexible than traditional financing because it's based off of a company's receivables; so as sales grow, so does the amount of funding available to you. Flexibility and local support are both critical during a company's growth cycle."

Bibby Financial Services is a worldwide market leader in business cash flow solutions to small and medium-sized companies. With offices in ten North American cities and 15 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 207-year-old privately held company based in the United Kingdom.

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