Bibby Financial Services Funds Packaging Manufacturer With $7 Million Factoring Facility
Alternative Financing Leader Provides Second Multi-Million Dollar Facility in 2015
Bibby Financial Services announces the provision of a $7 million recourse factoring facility to a packaging manufacturer located in the Midwestern United States.
The manufacturer produces and supplies paper gift packaging to retailers nationwide, including gift bags, gift wrap and stationary, as well as shopping bags, garment bags, boxes and packaging accessories. The company will use the funds for operational needs.
The Institute for Supply Management recently reported that its manufacturing index rose to 52.8 in May, up from 51.5 in April, and anything above 50 indicates expansion. Paper products was listed as one of the 14 industries reporting growth in manufacturing in May. "We've seen a revival of American-made goods and products of late, and we are proud to play a part in the resurgence of U.S. manufacturing," says Leigh Lones, Bibby Financial Services Americas CEO.