USA: CIT To Provide Factoring Services To TextilEdge.com

CIT Commercial Services, one of the nation's largest providers of factoring services, today announced an arrangement with TextilEdge, an e-commerce resource provider for the apparel and textile industry. 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.