Bibby Financial Services Canada announces a prosperous partnership with Montreal-based apparel company Miko International. The company doubled its sales during its engagement with Bibby Financial Services (BFS), using the the funding to pay suppliers and contractors and expand its business across North America into the United States.
Miko International feels strongly about the importance of local manufacturing and recently moved all operations back to Canada. However, producing garments locally comes at a higher cost. After a year of unsuccessfully pursuing traditional financing from a bank, Miko International contacted Bibby Financial Services (BFS) for factoring services.
BFS gave Miko International an opportunity for growth unmatched by other lenders by providing a flexible factoring facility with room for expansion as the company grew. BFS’ ability to provide the company with recurring funding, often multiple times a week, was extremely beneficial and a driving factor in their success.
“Bibby Financial Services gave us the footing needed to develop our brand,” says Jen Zaby, Miko International’s Factory’s Head of Operations. “The customer service and quick turnaround time we received from BFS afforded us time to pursue additional growth opportunities and expand our brand internationally.”
After exponential growth and a successful entry into the U.S., Miko International was able to obtain traditional financing.
“Factoring is a great option for apparel brands because of the flexibility in timing and funding it offers. It’s important for these companies to have a partner that understands their needs and is able to meet those needs in a timely fashion,” said Calum Williamson, Head of Operations, Canada.
A case study regarding the partnership can be viewed here.
Bibby Financial Services, a worldwide market leader in business financing solutions, supports businesses of all sizes in virtually every industry with flexible, customized funding solutions. With its asset-based lending and factoring products, the company provides clients access to the working capital needed to grow and support their businesses. Bibby Financial Services is proud to have helped more than 8,900 clients grow their businesses by providing more than $1 billion in funding across the globe. It operates offices in 16 countries and seven North American cities. Bibby Financial Services is a subsidiary of The Bibby Line Group, a privately held company established in the U.K. in 1807.