Bibby Financial Services Adds 650 New Clients During 2009

CHICAGO -  Bibby Financial Services said today that during 2009 it added 650 new clients to its roster as small and medium-sized companies found accounts receivable factoring to be a flexible and affordable financing option to solve cash flow problems.

“We saw improved business trends among our transportation, temporary staffing, apparel and manufacturing clients,” Bibby Financial Services CEO Stewart Chesters said. “As small and medium-sized businesses worked their way through the economy in 2009, they often found banks unwilling to work with them and credit card financing a costly option. For these growing companies, accounts receivable factoring has become the financing option of choice.”

New clients emerged from both the U.S. and Canada and included high quality credits that had been ousted by their banks as well as start-ups that use Bibby Financial Services’ KickStart product designed for entrepreneurs. Clients were also drawn to specialized products including purchase order financing and export sales financing, which benefit from the company’s global presence.

“At the start of 2010, with an aura of uncertainty hanging over the economy, we expect companies to seek out factoring solutions to address cash flow gaps that may result as their businesses expand and contract over time,” Chesters said. “Factoring offers companies immediate, affordable and flexible financing to support business growth.”

Bibby Financial Services is a worldwide market leading specialist of business cash flow solutions to small and medium-sized enterprises. With offices in 10 North American cities and 27 countries around the world, its product portfolio includes 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 The Bibby Line Group, a 202 year-old privately held company based in the United Kingdom.

For more information on Bibby Financial Services, visit: www.bibbyusa.com, or on Facebook at: www.facebook.com/bibbyfinancialservices.northamerica.