Republic Business Credit Closes $14 Million in New Client Facilities
Strong New Business in 1 Half of Year for Working Capital Facilities
New Orleans, LA – Republic Business Credit had a strong first half of 2011 with $14 million in new client facilities funded from small to mid sized companies looking for flexibility in funding their working capital needs.
“We ended the mid year with strong new business activities that we see continuing through into the third quarter,” said Allen E. Frederic, Republic Business Credit’s chief executive officer. “We have seen a lot of activity in the Energy sector, with businesses looking to use our receivables lines and factoring facilities to support ongoing growth. In other regions we have seen a spread of new clients from manufacturing, distribution to staffing looking to replace existing facilities with ones having more flexibility. This has been a strong performance from our new business team, reflecting our ability to work with prospective clients over their needs.”
Republic’s strategy is to provide working capital for rapidly growing, turnaround and start-up companies that have annual sales up to $60 million and facility needs of $50,000 to $5 million by utilizing receivables lines and factoring. It is targeting a variety of industries, including energy, oil and gas, manufacturing, temporary staffing, distribution, transportation, high-tech, safety and security, government contracting, marine, printing, janitorial and others.
“As we talk to many business owners we are finding that flexibility is a key attribute for them, which they are not getting from their traditional facilities,” said Stewart Chesters, chief operating officer of Republic Business Credit. “Whether the future holds continuing difficult market conditions for them, or whether they have strong opportunities they need to quickly take advantage of, our facilities allow for that. Having the ability to provide both receivables lines and factoring facilities gives the clients choices they do not often find.” While many lenders are struggling with problem loans and client attrition, Chesters pointed out that Republic Business Credit is itself a team of entrepreneurs and understand the importance of responsiveness and flexibility to their clients.