Ocean Bank Funds $1MM Factoring Facility for Automotive and Industrial Company

Ocean Bank‘s factoring division financed a $1 million factoring facility for an automotive and industrial belt manufacturing company.   

“Ocean Bank was quick to approve an initial $1 million factoring facility that will allow our client, a growing startup company that manufactures licensed automotive and industrial belts, to develop a financial history and afford it the working capital required to grow the business,” Ignacio Hernandez, senior vice president of the factoring team at Ocean Bank, said. 

“This is another example of what makes our factoring team special. They were able to put together a working capital solution for a young company that didn’t qualify for traditional bank financing,” Rogelio Villarreal, executive vice president of Ocean Bank, said. “We are looking forward to growing with this licensed belt company for many years to come.”