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|BFS Canada Supports Waste Management Firm's Service Fleet with $3.5 Million Factoring Facility|
|Wednesday, 01 March 2017|
Bibby Financial Services Canada (BFS) today announced a $3.5 million confidential line of financing to a Canadian waste management and industrial services company. The funds will allow the company to refinance existing lines of credit and support its day-to-day needs managing a fleet of more than 65 trucks across several branch locations in Canada. This is the second waste management and environmental cleanup business BFS has funded in the past six months, continuing a trend of recent investments in the industry.
“Each client we support is unique, with its own challenges and requirements. By taking a personalized approach, we developed a customized funding solution that immediately addresses the needs of this fleet-driven company and improves its cash flow,” said Calum Williamson, President of BFS Canada. “Our experience serving a variety of industries across North America, including a large number of businesses serving the manufacturing and industrial sectors, has bolstered our ability to provide flexible commercial financing at every stage of a company’s lifecycle.”
The industrial waste management company serves businesses in multiple industries including airports, garages, oil plants, refineries and other manufacturing companies. The company has nearly a dozen different types of vehicles and serves clients located throughout provinces in Atlantic Canada – operating 24 hours a day, seven days a week. BFS leveraged its international network, including insights from Bibby Transportation Finance colleagues, to create an invoice factoring solution that would support the company’s business strategies today and in the future.
The confidential factoring facility will use current invoices to advance the funding needed to pay short-term obligations, maintain the company’s fleet of service vehicles and support back office needs with BFS’s seamless invoicing and collection services. BFS expects investments in the recycling, waste management and environmental cleanup sectors will continue as the demand for remediation services grows and more companies seek out alternative financing to overcome changes in the market.
BFS provided more than $300 million in financing in 2016 to 250 Canadian companies and has a long history of serving small and medium-sized enterprises (SMEs) in virtually every sector. As a leading commercial finance firm with offices in Montreal and Ontario, BFS is committed to building personal relationships with its clients and tailoring funding solutions so each client receives the expert guidance needed to support future business strategies.
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