Republic Business Credit Funds $750,000 Factoring Facility for Southeastern HVAC Company

NEW ORLEANS –

After achieving success and notoriety through excellent service to its residential community, a Southeastern-based HVAC company sought the opportunity to grow with several large, commercial facilities. The company did not have a working capital facility, so it called Renasant Bank.

Renasant Bank in Alabama introduced Republic Business Credit to provide a growth orientated factoring facility secured by accounts receivables to increase the company’s access to working capital.

The company was facing two critical factors in determining the best financing solution. First, the company was still in its early, high-growth startup stage, which typically makes it more difficult to obtain a traditional bank loan. Secondly, the company’s commercial accounts were asking for extended terms of Net 60 and Net 75 days in exchange for significant commercial contracts.

Republic provided a $750,000 factoring facility that advanced up to 90% of its accounts receivables and provided eligibility across its extended payment term customers.

“Republic specializes in providing factoring facilities to rapidly growing companies that need to accelerate their working capital through receivables factoring,” stated Brian Daray, SVP, Underwriting Manager. “Thanks to the close relationship between the company’s financial advisor and Renasant, Republic was a natural choice for its first financing facility.”

Since providing the ledgered line of credit facility over the summer, the company recently executed additional commercial contracts that will allow it to more than double its business during the second half of the year.

“Our relationship with Renasant has provided tremendous opportunities to partner with companies that might not fit a traditional bank loan structure,” said Republic President, Robert Meyers. “We look forward to providing more creative solutions across the Southeast and the entire country with our national platform.”