Bibby Financial Services Supports Staffing Company Growth with $2.5 Million Facility

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Bibby Financial Services is providing accounts receivable financing to the temporary staffing industry, which is experiencing a surge in demand from companies that are hiring workers as the business cycle enters a growth stage.

Bibby Financial Services

Staffing reacts strongly to changes in the economy and the American Staffing Association staffing index recently reported seven consecutive weeks of growth - which is the longest period of growth in 21 months

Bibby Financial Services said today that during August it provided facilities totaling $2.5 million to a Texas-based temporary staffing company to enhance its cash flow position to support increased demand for its business services.

"The staffing industry is seeing a big turnaround. And it's a leading indicator; when staffing companies see increased demand for their services, it often portends improvement in the economy," said Gail Reints, a managing director for Bibby Financial Services. "This particular client has four distinct business specialty areas, each of which is experiencing increased demand for employees. And this is consistent with what we are hearing from our other staffing clients - across all industries, companies are adding workers as business growth resumes and the recession loosens its grips in the U.S.," she added.

Through its Midwest office, Bibby Financial Services provided funding to its client's following specialty subsidiaries:
$625,000 to a company that specializes in legal, finance, administration and accounting
$625,000 to a company which provides engineers and designers to oil and gas companies
$625,000 to a company that provide IT specialists for oil and gas companies
$625,000 to a company which provides geoscientists and engineers for energy companies

"Staffing reacts strongly to changes in the economy and the American Staffing Association staffing index recently reported seven consecutive weeks of growth - which is the longest period of growth in 21 months," Reints said. "We continue to look for opportunities to finance expansion in staffing services."                                                                            

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. You can visit Bibby Financial Services on Facebook or visit CEO Stewart Chesters' blog.

For more informtion on Bibby Financial Services, please contact Lisabeth Weiner at 312.252.7360.

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