The asset-based lending business of CIT, a division of First Citizens Bank, provided a $35 million revolving credit facility to Utopia Deals.
Based in Plainview, NY, Utopia Deals is a seller of linens, towels, bedding and other products to consumers and to business customers in the hospitality, healthcare, restaurant, fitness and spa sectors, among others. The company also has a strong presence on leading online retail platforms. The revolving credit facility will support the company’s working capital needs and growth strategy.
“As a business, we remain focused on our core objectives of providing our customers with quality products and outstanding customer service,” Jabran Niaz, CEO of Utopia Deals, said. “We appreciate CIT’s expertise in arranging this financing, which will help us to continue to pursue our business goals.”
“We worked hard to understand the needs of Utopia Deals and were pleased to support them with financing that helps advance their objectives,” Chris Esposito, managing director and group head for CIT’s asset-based lending business, said.
