CBC Provides T-Shirt Wholesaler with $3 Million Factoring Facility
NEW YORK – Shortly after spinning-off from its parent company, Trugraphx, a t-shirt wholesaler that sells to all major mid-tier retailers, was in search of a financing partner to provide working capital.
After considering a variety of equity and debt options, Trugraphx selected Capital Business Credit (CBC) to provide a factoring facility, totaling approximately $3 million.
“We evaluated a lot of different financing options and ultimately decided that using a factor, specifically CBC, made the most sense for several reasons. First, unlike with equity financing options, we wouldn’t have to give away ownership in our company. Second, CBC knows our business, works with our customers regularly, was able to provide competitive rates and a level of counsel that comes from decades of serving wholesalers like us. Finally, they meet all the technology requirements of our customers to ensure a seamless experience. Their financing and hands-on approach is invaluable to our business,” Warren Wishart, Chief Financial Officer, Trugraphx.
Trugraphx is a wholesaler of screen printed t-shirts for men, women and children developed in an assortment of designs customized for each retailer’s sales floor and clientele.
The management at Trugraphx had worked with CBC in the past to finance other companies.
“Having worked with hundreds of apparel wholesalers/importers over several decades, we understand how to support Trugraphx’s growth,” said Charles Sharf, Executive Vice President at CBC. “Rather than waiting 60 to 90 days for their customers to pay, we provide the Company with the capital, and then they can use those funds to operate and grow their business.”
About Capital Business Credit
Established in 1988, Capital Business Credit LLC is a global financial products and services company. The Company’s solutions include: full-service factoring; accounts receivable management services; inventory lending; asset-based 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.
Capital Business Credit is now known as White Oak Commercial Finance.