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

LOS ANGELES — February 15, 2023 — CIT Commercial Services, a wholly-owned subsidiary of First Citizens Bank, today announced that it has 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 providers of working capital financing, supply chain financing, credit protection and accounts receivable management to consumer product companies.

Posted: February 15, 2023

Source: CIT, a division of First Citizens Bank