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CIT Increases Lending Facility for Fashion Company to $100MM

August 04, 2022, 06:58 AM
Filed Under: Industry News

CIT Commercial Services, a subsidiary of First Citizens Bank, announced it increased a New York-based fashion company’s discretionary lending facility to $100 million to support the acquisition of an entity that specializes in children’s apparel.

The fashion company, a longtime client of CIT, focuses on designing, importing and distributing apparel, handbags and accessories. The financing provided by CIT will support the fashion company’s business operations and growth plans as they integrate and improve upon their recently acquired entity.

“In arranging this financing, we worked closely with the client to tailor a solution aligned with their business goals,” said Tom Fingleton, Managing Director and Northeast Regional Manager for CIT Commercial Services. “We have a longstanding relationship with this client, and we welcome the opportunity to continue to support their business growth strategy.”

CIT Commercial Services is one of the nation's leading providers of working capital financing, credit protection and accounts receivable management to consumer product companies.

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