MISSISAUGA, Ont. — Bibby Financial Services Canada has added an accounts receivable financing option for trucking companies.
According to the company, its factoring service is geared toward mid-market carriers borrowing between $500,000 and $1 million. Bibby charges a 2.5% flat fees and it funds off document copies. It also offers options for non-notification factoring and non-recourse factoring as well. Along with providing an advance on the receivables, Bibby also offers a fuel advance.
“With this new offering, our customers will have the ability to purchase fuel the moment they pick up a load. This timely funding is imperative to our carriers’ success and operational efficiency,” said Bob Lall, Bibby managing director.
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