Ocean Bank Funds $2.5MM Factoring Facility for Toy Manufacturer

Ocean Bank’s factoring division closed and funded a $2.5 million factoring and purchase order financing facility for a toy manufacturer headquartered in the Southeast.   

“Our client has experienced strong sales in 2021 and Ocean Bank was able to replace its current financing with more flexible and aggressively priced capital to meet the extension of credit it provided to large credit-worthy customers and thus fulfill larger purchase orders,” Ignacio Hernandez, senior vice president and factoring sales manager for Ocean Bank’s factoring division, said. “Ocean Bank’s quick turnaround for approval and pricing were critical elements securing this deal that also provides the client with working capital to fuel growth.”