CIT Commercial Services, a subsidiary of First Citizens Bank, completed a $50 million factoring facility with a West Coast consumer technology firm.
CIT worked closely with the client to create a unique factoring arrangement to provide the technology designer and producer with additional flexibility in meeting its working capital needs.
"Our client is an innovative company in an exciting and dynamic industry sector and we were pleased to support their working capital needs with this new factoring agreement," said Darrin Beer, western regional manager for CIT Commercial Services.