Bibby Transportation Finance Extends Nearly $500,000 to Trucking Companies

NASHVILLE, Tenn.--(BUSINESS WIRE)--Bibby Financial Services said today that its Bibby Transportation Finance division has completed a series of financings to support small to medium-sized trucking companies using its Accounts Receivable funding program. These transactions include:

• $225,000 to a truckload carrier in Oxnard, CA
• $120,000 to a trucking company in Tustin, CA
• $25,000 to a trucking company in Dayton, TX
• $50,000 to a start-up trucking company in Somerset, NJ
• $30,000 to a trucking company in Miami, FL

“Small and medium sized trucking companies continue to feel the full impact of the recession,” said Eric Hunter, EVP, Managing Director, Bibby Transportation Finance, “but we are working with our clients to help improve their cash flow and close their funding gaps.”

Bibby Financial Services said these funds were used for working capital to cover expenses such as fuel, payroll, insurance, repairs and maintenance; for cash flow due to slow paying customers; and to grow their businesses by purchasing additional tractors and trailers.

Bibby Transportation Finance has adopted an aggressive growth strategy, positioning itself as a key player in the U.S. transportation receivables financing market. By developing close relationships with its clients, Bibby Transportation Finance is able to tailor for them receivables funding programs that are appropriate for their size and needs, while offering same-day funding, online broker credit checks and debtor approvals, discounted shipping rates, 24/7 online system for reporting, and online collection notes for easy referencing and reporting.

Notes to Editors

Bibby Financial Services is a worldwide market leading specialist of business cash flow solutions to small and medium-sized enterprises. Its product portfolio includes receivable finance, factoring, export finance, purchase order finance and specialist solutions for staffing and trucking sectors. Its North American offices are located in Atlanta, Chicago, Dallas, Houston, Los Angeles, Nashville, Phoenix, Sacramento, Toronto and West Palm Beach, as well as 27 other countries around the world. Bibby Financial Services is a subsidiary of The Bibby Line Group, a 200 year-old privately held company based in the United Kingdom, that provides business-to business services to a variety of industries including shipping, distribution, offshore oil field services, financial services, retail and employment law.

For more information on Bibby Financial Services, visit: www.bibbyusa.com, www.bibbycanada.ca, www.bibbyfinancialservices.com

For more information on The Bibby Line Group of Companies, visit: www.bibbygroup.co.uk