First Citizens Bank’s CIT Commercial Services subsidiary completed a $6.5 million credit facility for a California-based home furnishings and apparel importer. CIT Commercial Services provided both the new credit facility and factoring services when the client’s former bank failed to find the proper financing solution.
Under the agreement, CIT Commercial Services will also take the lead in managing a significant share of the company’s accounts receivable from a variety of retailers.
“This agreement is another example of how we successfully create tailored solutions for our clients, leveraging industry knowledge and expertise that set us apart from other lenders and ABL providers in the consumer product space,” Scott Shapiro, a director in CIT Commercial Services’ West Coast region, said.
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