NEW YORK – CIT Commercial Services, a subsidiary of First Citizens Bank, has provided a $45 million non-recourse factoring facility to a sponsor-owned, technology-driven logistics services company in the Mountain States region.
The transaction was referred by Silicon Valley Bank, a division of First Citizens Bank, which also provided an additional asset-based credit facility supported by non-factored accounts and other assets.
By leveraging First Citizens Bank’s expertise in structured lending and accounts receivable management, the client maximized liquidity through the combined facilities, enhancing its ability to optimize working capital, improve operational efficiency, and expand its global service capabilities.
“We are proud to support a leading logistics provider with the financial flexibility they need to grow and thrive in a competitive market,” said Darrin Beer, a West Coast-based relationship manager with CIT Commercial Services. “This transaction demonstrates our ability to deliver tailored financing solutions that empower businesses to unlock their full potential.”
The additional capital positions the company for growth, allowing it to scale operations and meet increasing market demand while reinforcing CIT Commercial Services’ commitment to supporting businesses with innovative financing solutions.
