Bibby Financial Services is adding asset based lending to its financial products portfolio for US companies.
Asset based lending is a loan secured with a company’s assets such as accounts receivable, inventory, real estate, machinery and equipment. The business cash flow solutions specialist describes it as an ideal form of financing for businesses that need additional funds to cover extra costs during periods of growth, make an acquisition, or handle seasonal orders.
“At Bibby Financial Services we provide access to working capital through factoring, or accounts receivable financing,” said Leigh Lones, chief executive officer (CEO) Bibby Financial Services Americas.
“As we’ve grown our presence, we’ve responded to our clients’ needs for flexible solutions and added products such as non-recourse factoring, non-notification factoring and purchase order financing. By adding asset based lending to our portfolio, we will be able to provide even more cash flow to our clients based on their accounts receivable, inventory as well as machinery and equipment.”
The company will provide asset based loans up to US$10m in facility size. Unlike Bibby Financial Services’ factoring product, which is available for start-ups to established businesses, asset based lending is generally targeted for companies with longer operating history.
“Our goal is to continue to listen to our clients and adjust our products and services to suit their needs. We are excited to bring our new asset based lending offering to market and also make it available to our existing client base,” said Lones.
Bibby Financial Services, a subsidiary of a 207-year-old privately held company based in the UK, currently has offices in 10 North American cities and 15 countries around the world.
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