Republic Business Credit Provides $5.0 Million Facility to Texas Based Workforce Services Provider
Republic provides high growth staffing firm necessary support alongside Texas bank providing treasury management
HOUSTON, TX (PRWEB) JUNE 01, 2017 – When a Texas bank required additional years in business before approving a line of credit, they approached Republic Business Credit to provide working capital funding for their Houston based temporary staffing client. The bank strengthened their client relationship by providing treasury management services. Republic structured a facility within five business days for the client to meet their growing payroll needs.
The clients growing weekly payroll required a flexible and covenant free solution that leveraged their receivables to bridge the time gap in receiving payment from their end customers. The rapid growth of the client and the associated costs needed additional staff, increased employee screenings, workers compensation insurance and other unplanned fixed expenses required additional support. Republic structured a cashflow driven term loan facility to smooth out the client’s liquidity while expanding their business.
Republic provided the minority-owned business a $5,000,000 receivable purchase line of credit with a supplemental over-advance facility. This enabled the business to achieve a triple digit growth in their first quarter with Republic.
“Staffing and service firms provide essential workers across light industrial, transportation, clerical and other administration related professionals where firms do not have enough full-time employees,” said Robert Meyers, Chief Commercial Officer of Republic. “As a commercial finance company, we are excited to assist businesses that support the expanding Houston community. Our strong relationships with bankers and other community based centers of influence trust us to provide scaleable working capital facilities.”
Republic Business Credit supports banks across the United States to create value, strengthen relationships and provide complementary services to successful growing businesses.