$8 Million Factoring Facility Closed For Los Angeles-Based Apparel Company

CIT Commercial Services is a fully-owned subsidiary of First Citizens Bank. Th Bank has announced a non-recourse factoring arrangement which is $8 million senior secured facility for a Los Angeles- based company which is currently selling mens’s and boys’ clothing to retailers. CIT has worked closely with the apparel industry to create a flexible arrangement to support the company’s unique working capital and accounts receivable management. CIT Commercial Services is one of the providers of working capital financing, supply chain financing, credit protection and accounts protection management to consumer product companies. Darrin Ber,western regional manager said, “ We were able to develop an attractive financing facility to support our client’s business as they continue to grow” Mike Earnhart, western regional sales manager said, “We continuously strive to create tailored solutions for our clients that set us apart from other lenders and ABL providers in the consumer product space”.