Bibby Transportation Finance Provides $350,000 to Trucking Company Squeezed by Slow Paying Customers

NASHVILLE NASHVILLE, Tenn.--(BUSINESS WIRE)--Bibby Financial Services said its Bibby Transportation Finance subsidiary has provided $350,000 in accounts receivable financing to a Georgia-based trucking company experiencing cash flow gaps that developed after its customers slowed their payment cycles, in some cases exceeding 45 days.

‘This particular client, which hauls dry freight, has been self-funded for 11 years,” said Eric Hunter, EVP, Managing Director, Bibby Transportation Finance. “As the economy has worsened during the last 12 months, successfully independent trucking companies have felt the pressure of scarce freight. Customers, plagued by reduced consumer spending and retail purchases, are taking longer to pay, squeezing the trucking industry.

“Using accounts receivable financing, which advances funds against outstanding invoices, our client has access to sufficient working capital to meet its current obligations and maintain the integrity of its business,” Hunter added.

Bibby Financial Services is a worldwide market leading specialist of business cash flow solutions to small and medium-sized enterprises. With offices in 10 North American cities and 27 countries around the world, its product portfolio includes receivables finance, factoring, export finance, purchase order finance, specialist solutions for the staffing and trucking sectors, and it is an approved lender for the Export-Import Bank’s working capital guaranty delegated authority program. Bibby Financial Services is a subsidiary of The Bibby Line Group, a 202 year-old privately held company based in the United Kingdom.

For more information on Bibby Financial Services, visit: www.bibbyusa.com, or on Facebook at: www.facebook.com/bibbyfinancialservices.northamerica.

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