Ocean Bank’s factoring division closed and funded a new $8 million factoring facility for a rapidly growing distributor of aviation parts.
“The client was experiencing rapid growth and was being limited by its small local factoring company, which had imposed overall cap restrictions on global advances and restricted advances based on concentration limits,” Ignacio Hernandez, senior vice president and factoring officer at Ocean Bank’s Factoring Division, said.
“Our factoring team has expertise in structuring a working capital solution for companies that are going through these types of growing pains. Ocean Bank structured a large factoring facility to include credit insurance that minimized the concentration exposure and offered a factoring facility that allowed room for further growth,” Rogelio Villarreal, executive vice president and head of Commercial Lending at Ocean Bank, said.
Ocean Bank’s factoring division works with businesses from start-ups to well-established middle-market companies to facilitate growth in financing their business plans.
