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CIT Closes $8MM Factoring Facility for Los Angeles-based Apparel Company

February 16, 2023, 07:35 AM
Filed Under: Apparel

CIT Commercial Services, a wholly-owned subsidiary of First Citizens Bank, closed a non-recourse factoring arrangement and $8 million senior secured facility for a Los Angeles-based company that sells men's and boys' clothing to retailers.
CIT worked closely with the growing apparel company to create a flexible arrangement to support the company's unique working capital and accounts receivable management needs.

"We were able to develop an attractive financing facility to support our client's business goals as they continue to grow," said Darrin Beer, western regional manager for CIT Commercial Services.

"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," added Mike Earnhart, western regional sales manager.

CIT Commercial Services is one of the nation's leading providers of working capital financing, supply chain financing, credit protection and accounts receivable management to consumer product companies.

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