Bibby Financial Services (BFS) has signed £1.2m (€1.34m) export finance deal with Silent Sentinel, a business which designs and creates surveillance and security systems.
The Hertfordshire-based business was formed in 2002 as an equipment manufacturer, and creates security products that are used in airports, rail, utilities, and border control. Silent Sentinel has offices in the UK, US, Singapore, and Jordan, and hopes its deal with BFS will allow it to use working capital to fulfil demand from its global customers.
The export finance agreement with BFS includes payment collection, language support, and foreign exchange services.
Paul Elsey, managing director, Silent Sentinel said: “ Exporting doesn’t come without its challenges, and we needed to partner with a funder that could help us to overcome some of the complexities surrounding credit terms, payment practices, legal and language barriers.
“We can now offer customers credit over a wider geographical area even when they are a significant part of our ledger. This enables us to fulfil orders where we have not been able to do so in the past.”
Tony Clampin, corporate manager at BFS led the transaction. He said: “We were able to significantly increase the level of funding the company previously had access to, in addition to providing specialist support services for businesses trading overseas.
“We’re delighted to support such an ambitious and growing business, and look forward to seeing Silent Sentinel move into the next stage of its growth strategy.”