SOURCE: Bibby Financial Services

Bibby Financial Services

April 10, 2012 10:46 ET

Bibby Financial Services Provides a Group of Businesses With $3 Million Factoring Facility

TORONTO--(Marketwire - Apr 10, 2012) - Bibby Financial Services said today that it has funded an Ontario, Canada-based temporary staffing company that provides staffing solutions across the light industrial and financial services sectors.

The company already has two operating units that are current clients of Bibby Financial Services. This latest addition will use the increased cash flow to stay ahead of payroll expenses -- a major concern for any staffing firm.

"Factoring is a smart choice for staffing companies due the pressure of meeting weekly or monthly payrolls," said Bob Lall, Managing Director, Bibby Financial Services (Canada). "A staffing company might have 30-day terms for payment while its temporary employees expect weekly payroll checks. Factoring bridges the gap between invoicing and receiving payments. With increased cash flow and a factor following up on invoices for its clients, a staffing company has the time and working capital it needs to take on new business."

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 14 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 204-year-old privately held company based in the United Kingdom.

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