For decades, Joe DiLorenzo, chief operating officer for Swimwear Anywhere, has worked with CIT Commercial Services to meet his company’s financing needs. So when the company decided to build a new warehouse in South Carolina, DiLorenzo knew exactly where to turn for the financing to pay for it.
“I’ve been with CIT Commercial Services for a very long time, and they’ve always been good to us,” DiLorenzo said. “With them, it’s always about the client. We wouldn’t be where we are today without them.”
Better yet, because Commercial Services was acquired by First Citizens Bank in 2022, it can offer clients many more financial options than ever before. Financing a warehouse, for example, might once have posed a challenge, but now the CIT team was able to quickly bring in professionals from First Citizens Middle Market Banking group, who processed the warehouse financing in short order.
“Of all the transactions we’ve ever done, this was the smoothest,” DiLorenzo said. “Our bank needs to understand how we operate. We need financial support, advice and flexibility–and that’s what CIT Commercial Services gives us.”
Leveraging more than a century of experience, CIT Commercial Services has long been recognized as one of the nation’s leading factoring companies–known for its strong client relationships and its deep industry insights. For decades, it has provided reliable financing and advice to fashion and apparel businesses, helped them address a range of financial challenges, and provided factoring solutions that help clients thrive.
That position has only gotten stronger since CIT’s 2022 merger with First Citizens Bank. The combination of CIT with First Citizens, one of the most respected names in American banking, has added depth to its resources, strength to its financing reserves and an expanding suite of service offerings.
“Our merger with First Citizens has provided the foundation for growth in areas we are still fully exploring,” says Mike Hudgens, president of CIT Commercial Services. “Our commitment to our clients is unchanged, but now we’re able to support them with more financial tools and experience than ever before.”
As a result, the Commercial Services team is now better prepared than ever to meet the evolving needs of its clients, establishing itself as a crucial partner for businesses in a wide range of sectors, including apparel, consumer goods, and home furnishings.
Navigating New Opportunities Post-Merger
First Citizens, founded over 125 years ago, has a strong reputation for stability and a commitment to maintaining close client relationships—values that resonate with CIT’s own relationship-focused approach.
Additionally, First Citizens’ 2023 acquisition of Silicon Valley Bank (SVB) further enhanced the bank’s footprint, resources and presence in innovation economy financing, giving CIT a fresh perspective on emerging trends for startups and up-and-coming brands.
“With First Citizens, we’re able to go beyond our traditional factoring services to address a broader range of financial needs,” Hudgens explains. “From foreign exchange and wealth management to capital markets and real estate loans, we have an extensive network of colleagues available to help support our clients in ways we previously couldn’t.”
This strategic alignment has also empowered CIT Commercial Services to reinforce its reach across the United States, extending its established presence in the Northeast, Southern California and Carolinas to new markets nationwide.
For companies that rely on factoring to keep cash flows steady, these additional resources mean they’re able to leverage CIT’s enhanced capabilities without the need to work with multiple financial institutions.
“It’s really a one-stop solution,” said Hudgens, whose leadership team includes Amna Mahmood as Northeast Regional Manager, Darrin Beer as Western Regional Manager, Brian Martin as Southeast Regional Manager, Mary Farley as International Factoring leader, Jorge Obermueller as leader of Supply Chain Finance, Tom Fingleton as Strategy leader, and Daniel Goll as National Underwriting Manager.
“With First Citizens, we’re able to offer a comprehensive set of services that simplifies financial management for our clients,” Hudgens added.
Leading with Industry Knowledge and Relationships
The CIT Commercial Services approach is centered around building strong relationships with its clients, powered by a deep understanding of the industries it serves. For many years, its factoring business has been essential in assisting companies such as apparel brands, importers, furniture manufacturers, consumer products firms and more bridge the gap between receivables and cash flow.
Mahmood is among CIT’s top client-facing leaders, particularly in the apparel industry. Based in New York City, she heads the Northeast region that remains a major center for fashion and apparel. Mahmood is respected for her hands-on approach to understanding the specific needs of each client.
“Our clients don’t just need financing; they need a partner who can understand the intricacies of their business,” Mahmood explains. “At Commercial Services, we’ve spent decades developing experience and deep-rooted relationships that help us deliver beyond traditional factoring.”
This commitment to understanding clients has cemented CIT Commercial Services’ reputation as a preferred financing source. With a comprehensive suite of services, CIT essentially becomes an outsourced credit department for many clients.
Mahmood emphasizes the value of the Commercial Services team as both advisors and problem-solvers. “We go beyond normal banking services. Our goal is to be there for our clients through every financial challenge and growth opportunity,” she says.
Factoring as a Strategic Tool
At its core, factoring is the foundation of CIT’s offerings. Factoring is a cash flow solution in which CIT purchases client invoices and assumes the credit risk of non-payment on those invoices, oftentimes making advances on the purchase price of the invoices. That provides the client with immediate working capital instead of having to wait for customers to pay according to customary invoice terms.
This financing model is crucial for many businesses in the fashion industry. Seasonal trends, high production costs, and unpredictable retail cycles make reliable cash flow essential for survival. Such factoring services offer these businesses a lifeline by advancing funds, handling collections, managing credit risk, and providing valuable market insights.
Historically, CIT’s factoring operation has been closely associated with the fashion and textiles industries. More recently, however, CIT has also expanded into a variety of other industries, including cosmetics, consumer electronics, housewares, and transportation, to name a few. This diverse range of clientele highlights the broad applicability of CIT’s financial tool. Additionally, the resources from Silicon Valley Bank have enabled CIT to enhance its technology finance presence, extending factoring services to various consumer product sectors.
“Factoring is often misunderstood as just a lending tool, but it’s much more than that,” Hudgens says. “We offer clients more than cash flow; we provide financial stability, credit risk protection, and market insights that can make a meaningful difference.”
Client Stories: A Testament to CIT’s Impact
CIT’s impact can be seen in the stories of its clients. Such stories highlight the value CIT brings beyond financing.
“We’ve seen every type of cycle and situation,” Mahmood says. “Our clients count on us to provide solutions that make sense for their unique needs.”
In one recent case, Commercial Services worked with a client who needed both a factoring arrangement and a cash-flow line of credit, so they could handle business-as-usual while also being prepared to pounce if an attractive acquisition opportunity arose.
It’s not a typical arrangement by any means, and not something even the Commercial Services team might have managed in the past. But with the strength and scale of First Citizens behind it, the Commercial Services structured a creative financing solution that met the client’s unique needs.
However, CIT Commercial Services is in no mood to rest on its laurels. Rather, it is laser focused on the future with plans to build on its success by entering new markets and offering additional services. The stability and long-term perspective provided by First Citizens is giving its Commercial Services business the freedom to explore new territories and industry sectors in pursuit of continued growth.
“Factoring is the business’ core product and will remain so. As an off-balance sheet source of liquidity, we are only scratching the surface of what we can do for clients in both traditional sectors and new industries,” Hudgens said. “But at the same time, Commercial Services is busy reimagining itself as a working capital solutions provider.”
“For example, our supply chain finance group is a working capital enhancement that has been a huge success for us,” Hudgens continued. “We also have just rolled out a Receivable Purchase Agreement where larger companies can sell off pools of accounts receivable to generate liquidity. It too is an off-balance sheet product that has applications across many industries. And that even includes the fashion industries where consolidation at the wholesale level has created larger companies in need of more creative solutions.”
Building a Future-Ready Financial Partner
As it looks to the future, CIT Commercial Services remains focused on staying ahead of industry trends and supporting its clients through every phase of growth. With the support of First Citizens, CIT is well-positioned to help clients navigate the challenges and opportunities of today’s financial landscape.
“We’ve always prided ourselves on being relationship-driven, not transactional,” Hudgens says. “Our clients trust us because we bring decades of experience and a commitment to their success. That’s not something that changes with time.”
In an unpredictable economy, CIT Commercial Services’ commitment to client success, bolstered by the resources of First Citizens and the added experience from SVB, positions it as an invaluable partner.
“Our Commercial Services clients count on us to help them succeed in every business cycle,” Hudgens said. “When all we offer is combined with the power of First Citizens and SVB, the sky’s the limit.”