Ocean Bank Closes $5MM Factoring Facility for Hispanic Food Distributor

Ocean Bank’s factoring division funded a $5 million factoring facility for an importer and distributor of Hispanic food brand products.

“Our client doubled its sales over the past year and was looking for long-term working capital that would help support its continued growth. Ocean Bank quickly approved a $5 million factoring facility that provided better pricing and was significantly more flexible than its current factor,” Ignacio Hernandez, senior vice president of Ocean Bank’s factoring team, said.

“Our factoring team members are experts in structuring a working capital solution for companies that do not currently qualify for traditional bank financing. Our factoring product helps companies get back in shape and transition to a conventional line of credit right here at Ocean Bank,” Rogelio Villarreal, executive vice president of Ocean Bank, said.