Bibby Financial Services (BFS) funded a $10M asset-based lending facility to a manufacturing and distribution company that develops, markets and distributes premium vitamins and supplements. The company chose BFS as its lender because of their quick turnaround and consistent customer service which distinguished them from the competition.
With an aggressive marketing strategy and funding provided by BFS, this client has more than doubled their annual sales in just a few short years. The $10M injection of capital from a BFS asset-based lending line helped mitigate debt and position the firm for growth. Funding from BFS has also allowed the company to pay down a large portion of its accounts payable debt, providing the company with added leverage and confidence from their suppliers, allowing their continued support from the manufacturer with requests for additional inventory purchases.
Ian Watson, CEO of Bibby Financial Services North America said, As a result of working with BFS to obtain additional funding they needed as well as paying down outstanding debt, the company will now be able to produce more of their in-demand product and increase their retail footprint. Their sales have continued to grow and they no longer have to worry about having the supplies on hand to meet their production needs.
Asset-based lending can help companies grow their finances, fund acquisitions, prepare for seasonal demands, take advantage of supplier discounts, and handle other challenges that face many small to medium-sized business owners. With over 17 years experience, BFS offers customized funding solutions that are custom tailored to business needs in a variety of industries.
About Bibby Financial Services
Bibby Financial Services is a leading independent financial services partner to more than 10,900 businesses, providing more than $1.25 billion in funding annually and handling $11.6 billion in annual client turnover. With over 40 operations in 14 countries spanning 3 continents, BFS provides asset-based lending and factoring solutions to help businesses grow in domestic and international markets. Established in 2001, Bibby Financial Services supports businesses in virtually any industry. BFS is part of Bibby Line Group, a diverse and forward-looking family business with over 200 years experience of providing personal, responsive and flexible customer solutions. To find out more about Bibby USA and Bibby Canada, please visit www.bibbyusa.com or www.bibbycanada.ca.
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