Ocean Bank’s factoring division closed and funded a $5 million factoring facility for a distributor of recycled paper and cardboard.
“The client had been self-financing its working capital requirements until now. With commodity prices having skyrocketed over the past few years, our client sought a long-term working capital solution that would help support continued growth,” Ignacio Hernandez, senior vice president and factoring sales manager of Ocean Bank’s factoring team, said.
“Our factoring team has expertise in structuring a working capital solution for companies that do not currently qualify for traditional bank financing solution,” Rogelio Villarreal, executive vice president and head of commercial lending at Ocean Bank, said. “This client has excellent credit and insured accounts receivable and was looking for a flexible financing arm.”
