Ocean Bank’s factoring division has closed and funded a $5 million factoring facility to a local food distributor in Miami.
“Ocean Bank’s factoring team helped the client obtain a credit insurance policy that would protect against its customers’ financial inability to pay, then provided the client $5 million in extra working capital,” Oscar Fernandez, senior vice president and head of international banking at Ocean Bank, said.
“Ocean Bank’s diverse financing solutions and pricing were critical elements in securing this deal,” Rogelio Villarreal, executive vice president and head of commercial lending at Ocean Bank, said. “Our client has historically sold products on a pre-paid or cash upon delivery basis. With stronger sales in 2024, it needed additional capital to provide suppliers with faster payments in order to further expand that growth.”
Ignacio Hernandez, senior vice president and factoring officer at Ocean Bank, arranged the financing.
