Rosenthal & Rosenthal completed two separate factoring deals out of its Southeast office totaling $35 million.
The first deal was with a designer of handbags and accessories that lost coverage on some of its retail customer accounts due to COVID-19-related challenges. When the company’s existing bank could not cover those customers and restricted the company’s borrowing capacity, the company reached out to Rosenthal. Rosenthal provided the coverage the client needed so its bank could reinstate advances against those customers.
The second deal was with a manufacturer of textiles and bedding that was looking to establish a U.S. entity to sell to retailers. The company sought out a factor to provide the necessary credit coverage it needed to move forward. Unfamiliar with factoring and given the current state of the retail environment, the company turned to Rosenthal. Rosenthal provided full credit support to the client, from approval to payment application, saving the company the cost of establishing a new internal credit department.
“Both of these new deals demonstrate how well positioned Rosenthal is to serve clients with unique circumstances that are looking to take advantage of growth opportunities in this challenging environment,” Leigh Lones, SVP and Southeast regional sales manager for Rosenthal, said. “So many companies right now are benefiting from non-recourse factoring because it gives them and their lenders peace of mind. Rosenthal provides that necessary protection mechanism while also reducing overhead, managing receivables and helping to improve borrowing capabilities with existing bank lenders.”