Capital Business Credit Provides $15 Million Credit Facility to Ropa Siete Leguas
October 22, 2013
NEW YORK –Capital Business Credit (CBC) announced today that it is providing Ropa Siete Leguas (Ropa) with a $15 million revolving factoring facility.
CMT de la laguna, S.A., parent company of Ropa, is the largest jean manufacturer in Mexico, with offices in Lerdo, Durango. Ropa supplies jeans to a variety of major U.S. specialty stores. The company was previously self-financed, but wanted access to more capital to fuel its growth and help it make modifications to its business to address the changing retail climate.
After a rigorous search for a bank or alternative lender, the company chose to work with CBC because of its ability to create a customized financial facility to meet their business needs. In a matter of weeks, CBC presented Ropa with a full service factoring product, which lent against accounts receivable, and included both credit protection and capital.
“The world is changing every day and we wanted to be sure we are prepared as our business continues to experience growth,” said Homero Wong, Chief Financial Officer of Ropa. “CBC was able to offer Ropa a financial package at a very competitive cost, which will enable us to continue to grow at a rapid pace.”
“Ropa has a prestigious reputation in the industry, as they supply jeans to many top U.S. retailers,” said Charles Sharf, Executive Vice President and New York Factoring Portfolio Manager of CBC. “With a 25-year track record of providing retailers with superior products, CBC immediately understood that Ropa was an ideal candidate for a factoring solution and is pleased to be able to forge a relationship with such a great company.”
About Capital Business Credit
Established in 1988, Capital Business Credit, LLC (www.CapitalBusinessCredit.com) is a commercial finance company specializing in providing creative supply chain financing solutions. The company’s service offerings include: full-service factoring, immediate cash for receivables, single debtor credit coverage; letters of credit, accounts receivable management services; inventory lending, and international financing. CBC Trade Finance, a division of CBC, provides trade finance solutions for U.S. based importers working with Asia-based suppliers (exporters). Capital Business Credit is based in New York with offices in Hong Kong, Shanghai; Los Angeles; Charlotte, NC; and Ft. Lauderdale, Fla.