By the third quarter of 2017, BFS is expected to surpass its total number of new clients funded in all of 2016.
Projected funding lines provided to BFS clients across the U.S. and Canada businesses are also expected to reach nearly double the 2016 amount by the end of this year.
The projection is based on the total number of new clients funded in the first half of 2017 and the number of active prospective clients, which is up by 50% compared to the same period in 2016.
All BFS business segments, covering factoring, asset-based lending and transportation finance, have seen an increase in activity, the company says, as businesses seek new ways to secure additional capital and free up cash flow to support operations without taking on additional debt.
Several current asset-based lending clients have sought credit extensions in the first half of 2017, which Bibby says is a sign of strong client satisfaction and client sentiment.
According to an independent survey, 78% of clients are completely or very satisfied with the services they receive from BFS and 95% of clients find it easy to do business with the company.
The company reports 58% more inquiries from prospects in several targeted industries, particularly in the manufacturing sector.
Since the beginning of the year, more than 60% of the prospective clients have come from BFS’s targeted industries including manufacturing, services, staffing and wholesale/distribution.
These industries are expected to represent the large majority of new clients brought on by the company in 2017.
Additionally, Bibby Transportation Finance has seen an increase in the number of new clients in comparison to last year.
Ian Watson, CEO of North America at BFS, said: “Each of our business segments has seen a tremendous amount of growth in the first half of 2017 and we are well on our way to reaching our targets for the second half of the year.
“The number of inquiries we’ve received from our forecasted industries of opportunity is particularly encouraging as more businesses seek new, innovative ways to increase liquidity and adapt to their quickly changing industries.”
In order to support growth, Bibby has expanded its sales team with nine new hires since the beginning of 2017.
BFS supports more than 10,250 businesses worldwide, providing more than $1.25 billion in funding annually and handling $11.6 billion in annual client turnover globally.
It has 44 operations in 13 countries spanning Europe, North America and Asia, providing asset-based lending and factoring solutions.