Bibby Transportation Fuels Growth in Trucking Industry

NASHVILLE, Tenn.--(BUSINESS WIRE)--Bibby Financial Services said today that its Bibby Transportation Finance subsidiary has provided $2.7 million in new credit facilities during June and July to small and medium sized trucking companies, who are using accounts receivable financing to purchase equipment, start new businesses and cover their costs of doing business.

“With this increased activity, we are seeing trucking stabilize, which suggests that the worse of the recession is over, and the transportation sector may soon begin to recover as consumer confidence and spending increases.” Bibby Transportation Finance EVP and Managing Director Eric Hunter said. “We think the benefits coming from the effect of reduced capacity in the market are driving higher rates per mile, which is increasing bottom line results. And while it’s too early to make a definite call, we are hearing a more upbeat and optimistic outlook from our clients who are seeing increased demand for their trucking services.”

Bibby Transportation Finance provided financings to the following trucking operators:

• $1 million to a trucking company; Fontana, CA
• $350,000 to a truckload carrier; Justice, IL
• $250,000 to an over- the-road trucking company; Dayton, Ohio
• $220,000 to three trucking companies; Long Beach, CA, Tustin CA, and Columbus, Mississippi.
• $200,000 to two truckload carriers; Hampton, VA, and Menifee, CA
• $100,000 to a three courier services; Phoenix, AZ, Columbus, MS, and Savannah, GA
• $60,000 to a trucking company; Okemos, MI
• $50,000 to a less-than-truckload carrier; Las Vegas, NV
• $40,000 to a trucking company; McDonough, GA
• $35,000 to two truckload carriers; Thousand Oaks, CA, and Havana, AR
• $20,000 to a start-up trucking company; Franklin, TN

“Trucking companies face diverse cash flow problems. With our experience specialized focus in this industry, we are able to tailor our accounts receivable financing programs to fit the individual needs of our clients,” Hunter said.

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

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For expert advice on small business, please visit CEO Stewart Chesters blog at: www.bibbyusa.com/ceoblog

Bibby Financial Services is also a member of the IFG Group (www.ifgroup.com), and an approved lender for EX-IM Bank’s working capital guaranty delegated authority program (www.exim.gov).