From the Wires
Bibby Financial Services Funds Staffing Company With $1M Factoring Facility
Funding From ABL and Factoring Leader Provided to Support Staffing for Gulf Coast Oil Spill Cleanup
By: Marketwired .
Dec. 14, 2015 08:31 AM
ATLANTA, GA -- (Marketwired) -- 12/14/15 -- Bibby Financial Services announces a $1 million factoring facility provided to a national labor subcontracting company. The company provides skilled, semi-skilled and specialty labor to businesses in a variety of industries across the country.
The skilled labor staffing firm specializes in providing businesses with engineering and management personnel to manage catastrophe cleanup. Staffing is a key vertical market for Bibby Financial Services, where the invoice payment gap can often average between 45 and 60 days. Bibby Financial Services expects to see continued growth in this vertical market in 2016 to help businesses manage cash flow.
The company sought Bibby Financial Services in the midst of servicing a number of large new contracts for the Deepwater Horizon oil spill cleanup in the Gulf of Mexico. The funding allowed the staffing services company to finance payroll for these new accounts in a timely manner, while still maintaining a critical focus on business development.
"We take pride in supporting companies that offer services that support environmental restoration," says Leigh Lones, Bibby Financial Services CEO, Americas. "This effort aligns with Bibby's corporate initiatives aimed at carbon offsetting in our respective communities across the globe."
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