Billykirk is an American-made brand that is both a wholesaler and manufacturer of leather and canvas goods, including bags, belts, wallets, hats, and accessories. Since 1999, the growing company has focused on creating and distributing function-driven products that are durable, practical and timeless. Most of its small leather goods are handmade by in-house artisans located in Jersey City, NJ or by a group of Amish leather crafters in Pennsylvania.
To produce these premium products during seasonal peaks, Billykirk needed to finance receivables in order to afford new materials, hardware, and manufacturing costs. Self-funded since its inception, the company found that its growth was now tying up too much of its cash flow.
Bibby Financial Services (BFS) provided Billykirk with a six-figure non-recourse factoring facility to finance its receivables. “We researched and interviewed a number of factors and other lenders,” stated co-founder, Chris Bray. “In the end, BFS’ formula for receivables financing was the best for our needs.”
The tailored receivables factoring solution gave the company the additional working capital it needed to take on increased demands during seasonal peaks, manage payroll expenses for additional staff, and invest in new machinery and equipment.