Bibby Financial Services Ireland has launched a new trade finance product that allows businesses to buy, receive and sell goods before needing to pay for them.

The product was launched in collaboration with the Strategic Banking Corporation of Ireland (SBCI). Bibby Financial Services is an on-lender for the SBCI specialising in invoice finance. SBCI has partnered with Bibby Financial Services Ireland since 2016 to make €70m in funding available to Irish SMEs.

According to Bibby, the new product is suited to Irish SMEs looking to buy goods for resale, either within Ireland or from overseas.

Under the terms of the product, Bibby will make a same-day payment to suppliers, as well as paying duty, VAT and freight costs. The product is funded through the SBCI and offers SMEs a discount of 2.16% per annum.

Clients will also have access to additional products, including the foreign exchange service offering more competitive rates than many of the leading banks, and bad debt protection to protect against a customers’ insolvency or inability to pay.

In Association with

Bibby said that the new product is tailored to support businesses operating in more than 70 sectors.

Mark O’Rourke, BFS managing director, commented: “Our new Trade Finance product gives businesses greater security, keeps the supply chain moving, and means they can buy and sell goods confident in the knowledge that they won’t suffer from a shortfall.”

SBCI chief executive Nick Ashmore said: “Availability of and access to sufficient working capital is critical for the success of any business and this product will assist Irish businesses seeking to expand and grow in a safe controlled way."

Bibby’s funding portfolio includes confidential invoice, trade and export finance, foreign exchange services, bad debt protection and specialist funding for a range of sectors. The Irish operation was established in 2006 and has 30 employees based in Sandyford.

Photo: Nick Ashmore (left) and Mark O’Rourke. (Pic: Colm Mahady/Fennells Photography)