Chameleon Art Products gets global financing from Bibby Financial Services.
M2 EQUITYBITES-December 15, 2017-Chameleon Art Products gets global financing from Bibby Financial Services
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Bibby Financial Services (BFS) announced it is supporting renowned arts and crafts manufacturer Chameleon Art Products with a USD 750K factoring facility which will enable the company to align its US business with the growth opportunities it has seen in the region, the company said.
The funding was provided in conjunction with a [pounds sterling]400K funding line advanced to Chameleon's UK business by Bibby Financial Services in the UK BFS's international capabilities and flexible, customizable factoring solution allow the client to access a larger sum of working capital across its global operation while providing an in-house team of currency and language specialists who can help the company focus on its international footprint and product development plans.
With Chameleon's goods manufactured in China and distributed around the world, their growth and the demands from customers for lengthening credit by up to 90 days in some cases put a strain on working capital. After determining the traditional loan structures of bank financing would not be able to fulfill the company's unique needs, Chameleon turned to BFS for a customized alternative which included funding lines in both the US and the UK
Established in 2012, Chameleon manufacturers arts and crafts products which are exported to more than 70 countries and sold by art supply and retail stores. Launched via crowdfunding, Chameleon's patented family of art products is unique.
Bibby Financial Services is an independent financial services partner to more than 10,250 businesses worldwide providing more than USD 1.25 billion in funding annually and handling USD 11.6 billion in annual client turnover globally. To find out more about Bibby USA and Bibby Canada, visit www.bibbyusa.com or www.bibbycanada.ca
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|Publication:||M2 EquityBites (EQB)|
|Date:||Dec 15, 2017|
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