Ocean Bank Closes $5 Million Factoring Facility to Hispanic Food Distributor
November 22, 2022
Source: Ocean Bank
MIAMI, FL– Nov. 22, 2022 – Ocean Bank announced its Factoring Division funded a $5 million factoring facility to a rapidly growing Importer and distributor of Hispanic food brand products to companies nationwide.
“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,” said Ignacio Hernandez, senior vice president of Ocean Bank’s factoring team.
“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” said Rogelio Villarreal, executive vice president of Ocean Bank.
Ocean Bank’s Factoring Group works with businesses from start-ups to well established middle market companies to facilitate growth in financing their businesses. To learn more, please contact Ignacio Hernandez who can be reached at: (305) 965-3670 orighernandez@oceanbank.com
About Ocean Bank
Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $5.4 billion in assets. Chartered in 1982, Ocean Bank operates its network of 22 branches throughout Miami-Dade and Broward counties. The community bank has received numerous awards and accolades from the Greater Miami Chamber of Commerce, the Beacon Council and the Florida Department of Education, among others, for its support of our South Florida communities. For more information, log on towww.oceanbank.com.
