The company first engaged with Bibby Financial Services in 2013, after developing its flagship product, the ESPRO Press. The popularity of the redesigned French press led to a need for funding in order to distribute the product to a larger pool of customers. The funding also enabled the company to develop new products.
Espro obtained a $400,000 invoice factoring facility from Bibby Financial Services, which allowed the company to expand its customer base and product line. Though Espro is based in Canada, the majority of the company’s customers are based in the United States. Because of Bibby Financial Services’s global footprint, it was able to seamlessly and quickly provide funds to Espro without engaging with the International Monetary System, which benefitted Espro.
“Working with Bibby Financial Services was a great business decision for us,” says Bruce Constantine, Espro president and co-founder. “It enabled us to double our revenue, employee base and inventory, and I can definitely say we wouldn’t be where we are today without Bibby Financial Services.”
Espro gained the financial stability to obtain a traditional bank loan, which is viewed as a huge success by both Espro and Bibby Financial Services.
“The fact that Espro found a niche and success in a saturated market validates the true innovation of its products,” says Leigh Lones, chief executive officer of Bibby Financial Services, Americas. “At BFS, we pride ourselves on funding small and mid-sized businesses that need a jolt to take business to the next level. That Espro is now able to receive traditional funding is a great accomplishment for us, as well.”
The case study can be viewed in its entirety here.
About Bibby Financial Services
Bibby Financial Services, a worldwide market leader in business financing solutions, supports businesses of all sizes in virtually every industry with flexible, customized funding solutions. With its asset-based lending and factoring products, the company provides clients access to the working capital needed to grow and support their businesses. Bibby Financial Services is proud to have helped more than 8,900 clients grow their businesses by providing more than $1 billion in funding across the globe. It operates offices in seven North American cities and 16 countries. Bibby Financial Services is a subsidiary of The Bibby Line Group, a privately held company established in the United Kingdom in 1807. For more information, please visit www.bibbycanada.ca.