Cit closes $8 million factoring facility for los angeles-based apparel company

Los angeles , feb. 15, 2023 /prnewswire/ -- 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.
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