Capital Business Credit Provides Facility to Ropa Siete Leguas
Capital Business Credit announced that it provided Ropa Siete Leguas with a $15 million revolving factoring facility.
CMT de la laguna, S.A., parent company of Ropa, is the largest jean manufacturer in Mexico, with offices in Lerdo, Durango. Ropa supplies jeans to a variety of major U.S. specialty stores. The company was previously self-financed, but wanted access to more capital to fuel its growth and help it make modifications to its business to address the changing retail climate.
After a rigorous search for a bank or alternative lender, the company chose to work with CBC because of its ability to create a customized financial facility to meet their business needs. In a matter of weeks, CBC presented Ropa with a full service factoring product, which lent against accounts receivable, and included both credit protection and capital.
“The world is changing every day and we wanted to be sure we are prepared as our business continues to experience growth,” said Homero Wong, chief financial officer of Ropa. “CBC was able to offer Ropa a financial package at a very competitive cost, which will enable us to continue to grow at a rapid pace.”
“Ropa has a prestigious reputation in the industry, as they supply jeans to many top U.S. retailers,” said Charles Sharf, executive vice president and New York factoring portfolio manager of CBC. “With a 25-year track record of providing retailers with superior products, CBC immediately understood that Ropa was an ideal candidate for a factoring solution and is pleased to be able to forge a relationship with such a great company.”