USA: CIT To Provide Factoring Services To TextilEdge.com
Under the financing agreement, CIT will issue credit to buyers to purchase goods on the TextilEdge website, and at the same time, provide credit protection to the sellers. CIT will assume the buyer's financial ability to pay its debts on all approved orders through the website.
"CIT will provide financing solutions to our suppliers in the US as well as support our growth and expansion efforts into new markets in Latin America and beyond," said William B. Harris, CEO of TextilEdge.
"The alliance will allow CIT to use the Internet to facilitate business-to-business e-commerce transactions and expand our support of the apparel and textile industries," said John F. Daly, president of CIT Commercial Services. "Our strategy is to provide financing services via the key vertical and horizontal Internet marketplaces in the industries we serve and TextilEdge is an important player in apparel and textile e-commerce."
TextilEdge streamlines the apparel and textile sourcing chain by bringing together buyers and suppliers and facilitating transactions through a neutral and secure marketplace.
The company is working with a large number of customers, including several of the top 20 apparel and textile companies in the United States, to improve their sourcing operations in Latin America. It has also joined forces with leading industry associations and providers of services and technology, extending the functionality available to its customers and building a robust technology platform.
CIT Commercial Services is the nation's largest provider of factoring, accounts receivable management and lending services. It is a division of CIT Commercial Finance, one of six operating units of The CIT Group, Inc. (NYSE: CIT; TSE: CIT.U). Founded in 1908 and with over $50 billion in total managed assets, CIT is one of the nation's largest commercial and consumer finance organizations. For more information, visit the company's web site at www.cit.com.
About TextilEdge, Inc
With headquarters in the United States and Mexico, TextilEdge is the leading e-commerce marketplace serving the $200bn global apparel and textile industry. Using the Internet, TextilEdge facilitates the procurement of finished garments and materials domestically and internationally.
The TextilEdge marketplace now includes more than 5,500 textile and apparel companies worldwide. Through its exclusive partnership with the Mexican National Textile Industry Chamber (CANAINTEX) and other efforts, TextilEdge also has the vast majority of Mexican textile industry companies as marketplace members. For more information, visit www.textiledge.com.
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