Ocean Bank announced its Factoring Division has closed and funded a new $5 million factoring facility to a rapidly growing distributor of recycled paper and cardboard.
 
“The client had been self-financing its working capital requirements until now. With commodity prices having skyrocketed over the past few years, our client sought a long-term working capital solution that would help support continued growth,” said Ignacio Hernandez, Senior Vice President and Factoring Sales Manager of Ocean Bank’s Factoring Team.
 
“Our factoring team has expertise in structuring a working capital solution for companies that do not currently qualify for traditional bank financing solution,” said Rogelio Villarreal, Executive Vice President and Head of Commercial Lending at Ocean Bank. “This client has excellent credit and insured accounts receivable and was looking for a flexible financing arm.”
 
Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $5.9 billion in assets. Chartered in 1982, Ocean Bank operates its network of 22 branches throughout Miami-Dade and Broward counties. The community bank has received numerous awards and accolades from the Greater Miami Chamber of Commerce, The Beacon Council and the Florida Department of Education, among others, for its support of our South Florida communities.