Posted on September 7, 2022
Houston, TX – When two Austin, Texas-based entrepreneurs identified an underserved opportunity within the healthcare staffing industry, they sought the payroll funding expertise of Fast AR Funding’s dedicated working capital team. With the COVID-19 pandemic creating high demands on health care systems across the country, the need for nurses willing to travel to hotspots greatly increased.
The entrepreneurs needed to focus on growth, not payroll constraints. Fast AR Funding, a program of Republic Business Credit, provided a $400,000 growth-orientated selective factoring solution with a high advance rate to jumpstart the company’s founding. The partnership with Fast AR and its decade-long track record of flexibility enabled the company to address market and customer needs without having to worry about how fast they were growing.
“Fast AR Funding provided a dynamic solution to our biggest fears about meeting our growing payroll needs, cashflow issues and meeting our customer demand,” the staffing company president said. “Fast AR Funding’s selective invoice financing and no term contract was just what the doctor ordered. It provided us with the true freedom to focus on growth.”
The upstart company provides temporary and permanent employees to hospitals and medical centers located throughout the southwestern United States. Since the start of the pandemic, both urban and rural areas faced staffing challenges and needed quick solutions. Traveling nurse programs have exploded as a result. The upstart has already tripled its forecast so far in 2022 and sought an increase in its factoring facility to $1 million. Fast AR is the company’s chosen product over other alternatives.
Fast AR provides a scalable, selective factoring facility with a seamless online application and technology-enabled approval process. It allowed the initial funding to flow within 48 hours of receiving the first invoice. The facility allows the client to submit invoices from specific customers that they needed to provide funding for a growing payroll without the hassle of minimum sales volumes or long-term contracts.
Republic’s VP of Business Development, William Kemp, said: “Entrepreneurs in the temporary staffing business, especially healthcare, have limited options of financing to support their growth.”
“The exponential growth potential of staffing firms makes it difficult for them to obtain traditional bank financing. Factoring works seamlessly as they grow and develop,” Republic CEO Stewart Chesters said.
Fast AR Funding supports staffing, transportation, manufacturing, distribution, food, beverage and distribution companies located throughout the United States.
Posted on September 7, 2022
Los Angeles, CA – With outdoor spaces and upscale gardens a consistent but seasonal consumer demand across the country, a Midwest-based manufacturer of unique outdoor products knew it needed to find a flexible partner to react to dynamic and volatile market conditions. Republic Business Credit was the answer. Republic implemented a flexible line of credit to support the company’s seasonal-based liquidity needs.
“Shortly after funding, we adjusted our sales forecast up by 50% for the spring and summer. Thankfully, Republic immediately worked with us to upsize the facility in less than a week,” the company CFO said during the first month of the relationship.
Despite having been in business for more than 30 years, the manufacturer of various wood, tree, garden, and plant-based products sought more flexibility from its senior debt lender to better prepare the company for surges in consumer demand. The company was seeking a senior lender who understood the opportunities and risks inherent in seasonal businesses.
The company services large outdoor retailers, regional distributors, and mom-and-pop hardware stores throughout the country. Demand for products shifts regionally where planting seasons, clean-up seasons, and weather can have a big impact on cash flow and working capital requirements. The company needed to refinance its existing bank line of credit to support its growth.
“We needed a proactive financing source that could react decisively and consistently during an uncertain economic period. We know that Republic will partner with us on the short term and long term needs of our manufacturing company,” the company CEO said.
Republic provided a $4.5 million ledgered line of credit facility secured by accounts receivables, inventory and equipment that injected significant working capital and stability during seasonal periods. Republic was introduced to the opportunity from a large commercial bank that wanted to provide the treasury management services — but was unable to approve a large enough line of credit during the seasonal periods.
“We are well positioned to support manufacturing and other seasonal businesses that need a dynamic working capital partner,” Republic President Robert Meyers said. “Our underwriting team worked with the company to structure a growth-orientated facility that amended a facility limit increase shortly after the initial funding.”
Republic plans to continue growing with the client.
“We believe our suite of lending products provides us the ability to truly get to know businesses, whether they are private equity supported or entrepreneurially owned. We are excited to support the growth ambitions of our new manufacturing client,” Republic CEO Stewart Chesters said.
Posted on September 7, 2022
Los Angeles, CA – When a portfolio company of a California-based private equity firm sought to refinance and upsize its existing asset-based lending facility, the company partnered with Republic Business Credit. Republic provided a scalable, flexible, and growth-orientated $5 million credit facility with full availability on retail inventory, wholesale inventory, merchant accounts, and direct-to-consumer proceeds.
The company is a national confectionary manufacturer that goes to market through a diverse omnichannel approach. The company interacts with customers across its large retail, e-commerce, direct-to-consumer, and wholesale footprints. The company positions itself as a market leader in a very high-margin business with seasonal upticks around holidays such as Easter, Valentine’s Day, Mother’s Day, Halloween and others. While many seasonal businesses have slower periods, the company’s retail strategy enables it to succeed during the non-peak season due to high-traffic locations.
A California-based private equity firm acquired the confectioner and sought a new lending partner to complement its experienced management team and growth strategy. The company sought additional support for its 50-plus retail storefronts and more investment in eCommerce opportunities as it emerged from the pandemic.
“Shortly after acquiring the company, we naturally needed to refinance our current balance sheet with better senior debt terms but more importantly, identify a partner who would execute our strategy together,” the managing partner of the private equity fund said.
While the pandemic presented a foot traffic challenge, the private equity firm and a strong management team at the confectioner leveraged the opportunity to strengthen storefront leases and expand into high-growth areas around the country. The company provides world class products across its chocolate, bakery, candy, and branded products, as well prepackaged offerings.
Republic provided a $5 million direct-to-consumer asset-based loan that increased availability across the confectioner’s warehouse and retail inventory locations. Republic worked alongside the private equity sponsor and management team to build covenants that addressed the seasonality of the business while recognizing the significant capital contributions already invested toward the company’s success.
Republic provided more availability, cheaper pricing and a better utilization-based fee structure in the hope of reducing borrowing costs during off season periods.
“As the private equity firm was evaluating new lending relationships, they were impressed with our valuable insight and experience in the consumer products industry,” said Robert Meyers, president of Republic Business Credit. “We took the time to truly understand their confectionary seasonal business model and structure a customized credit facility to meet their borrowing needs.”
Jason Carmona, Republic’s EVP, Western Regional Manager, said: “We are pleased to build on the successful turnaround story and provide the necessary credit facility to further expand the company’s retail, wholesale and eCommerce business strategy. We are excited to support the continued growth of the company in years ahead and to continue assisting with additional portfolio companies of the private equity group.”
Posted on September 7, 2022
New Orleans, LA – When a Gulf Coast-based, private equity-owned oil field services company chose to refinance its bank line of credit, its leaders tapped the oil field expertise of Republic Business Credit.
The oil field company nearly sought Chapter 11 bankruptcy protection during the recent energy downturn; its private equity partner committed to the company’s future by providing a substantial equity and subordinated debt contribution as a bridge. But they still needed a senior partner who could be flexible.
“Republic was an easy decision, given the firm’s long-standing customer relationships, niche market, and sophisticated management team to continue our support,” the company’s managing director said. “While the private equity fund stepped up, the team needed a more agile debt partnership for the resurgence.
“Republic has funded several of our portfolio companies in the past few years. With an already agreed set of documents, we confidently and easily executed the closing process,” the managing director added.
The company and sponsor sought a growth-orientated ABL facility that would support future growth plans. Republic understood its business and provided industry expertise.
An oil field service and products manufacturer that supplies large energy production and refinement companies throughout the Permian and Eagle Ford basins, the company needed to refinance its existing bank line of credit to access its full availability while providing sufficient liquidity to scale the business back up during the energy recovery. The company specializes in equipment rental, completion services, pressure, and manufactured wellhead products.
The company president said: “We needed a senior debt partner who could react decisively and consistently and who viewed us as a trusted partner in our growth strategy.”
“Republic has demonstrated unique expertise in our industry time and time again while delivering on its promise of providing a unique facility for each of our structured credit and portfolio companies,” a founding partner of the private equity firm said.
Republic Business Credit provided a $3.5 million asset-based loan facility secured by accounts receivables, inventory and equipment that refinanced the company’s incumbent bank lender while providing significantly more borrowing base liquidity at closing. The company closed the senior debt facility with Republic during the third quarter of 2021 and has outperformed its budget every month since closing.
Republic was introduced to the opportunity directly from the private equity fund as a result of Republic’s reputation within the private equity community for lower and middle market, sponsor-owned ABL facilities.
“We continue our focus on providing ABL, direct to consumer loans and factoring to private equity portfolio companies across the country,” Republic President Robert Meyers said. “Our team worked with the company to structure a growth-oriented facility that provided significantly more liquidity to enable the management team to focus on growth.”
Republic CEO Stewart Chesters added: “Since our founding, we have always been committed to providing broad and inclusive access to working capital for lower and middle market companies that seek a better partnership than a traditional bank loan structure will provide.”
Republic Business Credit partners with banks, accountants, sponsors, lawyers, and investment banks to collaboratively support entrepreneurs across the United States, to create value, by enabling them to focus on growing successful businesses.
Posted on September 7, 2022
New Orleans, LA – Republic Business Credit is proud to announce that Mary Carrillo has joined as Vice President, Customer Credit Manager, in its Los Angeles office. Mary brings significant industry expertise to Republic’s ambitious growth plans. Leading the customer credit department and its critical role in assessing customer credit risk across the business with a specific focus on apparel, textile, consumer packaged goods, furniture, and fashion industries, Mary will report directly to Republic’s Chief Operating Officer and Board Member, Matthew Begley.
“Several members of the team in our Los Angeles office have known Mary for many years, and we are all thrilled to have such a proven executive on the team,” Begley said.
Mary will be influential across the entire business, representing another key addition to Republic’s commitment to the apparel and consumer packaged goods industries following its acquisition of Continental Business Credit in 2019.
Republic provides traditional factoring, asset-based lending, ledgered lines of credit, and direct-to-consumer working capital solutions to high-growth, transition, recoverable distressed, and early-stage companies.
Prior to Mary joining Republic in January, she spent more than 20 years working in the factoring and asset-based lending industry. Her dynamic career started as a collector and progressed through all operational aspects of commercial finance, including credit, and client management. She served as team leader for a factoring company with offices on both coasts and was directly responsible for all lending decisions of her portfolio.
“It is amazing to rejoin so many colleagues, meet new ones, and continue building upon their incredible success at Republic. I feel very fortunate to be joining a growing, diverse and exciting business,” Mary said. “Republic is one of the few national commercial finance platforms with an operational presence in California, and it is great to work with people I have known my entire career. I can’t wait to work with all of the brands and entrepreneurs we support together.”
Republic is committed to helping entrepreneurs and private equity sponsors throughout the country. Republic supports clients in more than 30 states across its diverse geographic footprint.
“We are excited that Mary is joining us as a proven leader in the customer credit and client service area,” said Stewart Chesters, CEO and managing member of Republic Business Credit.
Republic Business Credit partners with banks, accountants, private equity sponsors, independent sponsors, lawyers, and investment banks to collaboratively support entrepreneurs across the United States, to create value, by enabling them to focus on growing successful businesses.
Posted on September 7, 2022
Houston, TX – With traditional work routines reexamined and overhauled due to the COVID-19 global pandemic, employers around the world need help from temporary staffing agencies to fill gaps in their workforce and delivery systems. Republic Business Credit was there to support a multinational staffing and consulting company meet the demand in the U.S.
Republic’s Fast AR Funding provided a $500,000 selective factoring facility in less than a week that allowed the client, with a newly established subsidiary in the Northeastern United States, to confidently place new, temporary hires the following week.
The multinational, specialist IT staffing and consulting company provides temporary placement of qualified cloud and data specialists to Fortune 500 companies. The company prides itself on finding highly skilled, dependable, and best-in-class temporary staff and project-based consultants. The ability to provide shorter-term and longer-term placement options provide flexibility for their clients.
And with traditional working routines uprooted over the past few years, the demand for skilled workers with expertise in remote and hybrid systems-based work is on the rise. The company needed Republic’s support and a quick turnaround.
“The number of applications, interfaces, systems, and cybersecurity worries have grown exponentially in the past few years. Our clients are excited about our ability to bring a dynamic and agile workforce to the growing complexities of information technology,” the parent company’s CEO said. “Fast AR’s team truly were experts in the temporary staffing space, providing a lot of comfort that they understood our business and could scale quickly with our plans.”
Fast AR bridges the payroll and working capital gap that exists for every staffing firm between the time the invoice is created and months later when payment is received from the customer. Fast AR provided a selective factoring facility with a seamless online application process.
The staffing company had built successful operations throughout the U.K. and Europe and wanted to expand operations in the U.S. The need for talented temporary workers was so great, that the firm almost immediately identified additional customers.
Fast AR established the $500,000 selective factoring facility quickly, building confidence toward the company’s ability to build and scale in the U.S. Fast AR allows clients to submit invoices as needed for payroll funding without any restrictive minimums or contract terms. Clients can choose the flexibility, speed, and responsiveness of Fast AR over factoring alternatives.
“Selective Factoring is a dynamic and quick solution for entrepreneurs in the temporary IT staffing space,” said Republic’s Vice President of Business Development, William Kemp. “Our flexible approach allows businesses to focus on growth while not worrying about their working capital.”
President Robert Meyers added: “Fast AR is a fantastic way to support startup and early-stage entrepreneurs, and we have the capability to grow with them into larger factoring facilities, ledgered lines of credit, and asset-based lending products as they mature.”
In addition to temporary staffing companies, Fast AR Funding supports entrepreneurs in transportation, food, beverage, manufacturing, and distribution across the country.
Posted on July 11, 2022
LOS ANGELES – When a Los Angeles-based consumer packaged goods distributor sought funding to underpin its initial growth for spring orders, the company selected Republic Business Credit. Republic approved a scalable, traditional factoring facility to support the accessory company’s expected growth, fulfill initial orders and provide cushion for summer demand.
Republic fully approved the client’s limits for both standard and extended terms up to 120 days that were necessary for the emerging company to sell into major stores during the initial phase of growth.
“We are excited about showcasing and delivering our growing line of products. We needed a trusted factoring partner who could grow with us,” the accessory company CEO said.
As supply chain challenges show no signs of abating anytime soon, Republic continues to support its clients through postponements, delays and delivery date uncertainties experienced throughout retail supply chains. Supply chains are tough for all companies, but they are especially challenging for those in the initial growth stages of development. The Los Angeles company is a distributor of watches and other accessories, covering the dress, field, pilot, dive and racing-driven consumer products. Within those watch and accessory categories, there are significant brand names that additionally differentiate across the movements in mechanical, automatic and Quartz.
The founder of the company is passionate about watches and other accessories. “We have come a long way from the old days of the pocket watch; however, the secondhand and resale watch market is an exciting, growing category of fashion. We needed a partner who understood the industry and was excited about our category.”
Republic provided a $1.25 million traditional factoring facility with credit protection and extended customer payment terms. Republic’s funding will eliminate the nascent company’s cashflow gap between paying suppliers and receiving delayed payments from major retailers. The company is confident it found a trusted and consistent partner to overcome supply chain challenges.
Republic Business Credit COO Matt Begley said: “We believe our factoring, asset-based lending and direct to consumer products partner well with growing businesses that need industry expertise and adaptable partners. We are excited to support growing brands and are passionate about the watch and accessory categories to supplement our apparel and textile factoring business.”
Republic has proudly supported clients throughout this uncertain and unpredictable era in retail. Republic provides importers, distributors and manufacturers with the necessary support and guidance to adapt to the mix of opportunities and challenges that lie ahead.
“Since joining Republic during early 2020, we have expanded our capabilities and added clients at a lightning pace who want great client service, in addition to their working capital needs,” said Tae Chung, SVP of Business Development.
Republic partners with banks, accountants, sponsors, lawyers and investment banks to collaboratively support entrepreneurs across the United States, to create value, by enabling them to focus on growing successful businesses.
Posted on July 11, 2022
New Orleans, LA – Republic Business Credit is proud to announce that Brian Daray has joined the company as Senior Vice President, Underwriting Manager, at its headquarters in New Orleans.
Brian adds tremendous value to Republic’s ambitious growth plans as he leads the company’s seasoned underwriting team across the United States. Brian’s responsibilities include underwriting, structuring, and managing the successful funding of new clients while supporting Republic’s growing suite of products across its national commercial finance platform.
“It is amazing to see what this company has already accomplished across its product lines. I feel very lucky to join a growing and thriving business that aspires to double its size over the next three to five years,” Brian said. “Republic is one of a few Gulf region-based national commercial finance platforms, and it is great to work with such a dynamic, curious and growth-orientated team. I can’t wait to see what we achieve together.”
Republic provides asset-based lending, ledgered lines of credit, traditional factoring and direct to consumer solutions to both entrepreneurial and private equity-owned companies across the many growth sectors.
Prior to joining Republic, Brian spent more than 15 years working in the ABL, factoring, lender finance and specialty lending areas and was a leader in the underwriting department for a national bank-owned commercial finance company. Prior to serving as underwriter, Brian spent nearly 10 years with Capital One Bank as a Senior Field Examiner in the lender finance group. Brian graduated from University of New Orleans and is a proud resident of New Orleans.
Brian reports to Robert Meyers, Republic’s President and one of its two Managing Members.
Republic is committed to helping entrepreneurs and private equity sponsors throughout the country. Republic supports clients in more than 30 states across its diverse geographic footprint.
“We are excited that Brian has joined us as a proven leader in underwriting and client onboarding,” said Stewart Chesters, CEO and Managing Member of Republic Business Credit. “We are committed to being a New Orleans-headquartered business with additional offices in Los Angeles, Chicago and Houston, and we have plans to hire within those markets as we continue to grow.”
Republic Business Credit partners with banks, accountants, private equity sponsors, independent sponsors, lawyers and investment banks to collaboratively support entrepreneurs and their value propositions across the United States, enabling them to focus on growing successful businesses.
Posted on July 11, 2022
New Orleans, LA – When a California-based internet retailer and software company sought to refinance its existing bank facility, it chose Republic Business Credit.
Spiraledge, a leading internet retailer and healthy living company headquartered in Campbell, Calif., with offices in Cincinnati, Ohio, and Ho Chi Minh, Vietnam, sought a partner to leverage its internet retail and e-commerce strategy. Republic Business Credit provided a scalable, flexible and growth orientated facility to maximum availability on inventory, merchant accounts and direct to consumer proceeds.
Spiraledge welcomed the opportunity to borrow on inventory without a sublimit or cap in relation to accounts receivable that a traditional asset-based loan might include.
“We needed a strategic partner who understood our internet retail strategy and trusted our team to deliver on our growth expectations,” said Avraham Benaroya, Spiraledge founder, and CEO.
Spiraledge’s businesses include SwimOutlet.com, the largest online swim retailer; EverydayYoga.com, the web’s fastest growing yoga retailer; Swim.com, a digital swim training, and workout platform; and Tend.com, the first software platform of its kind with powerful tools for managing a diversified, sustainable farm.
The CFO of Spiraledge, John Gilchrist, said: “Coming out of the pandemic and preparing for the Summer Olympic Games in Toyko, we sought a partner to support our seasonal inventory purchases. Republic understood our business and was committed to our vision of providing the perfect online shopping experience for our customers.”
“Spiraledge is a great addition to a growing portfolio of brands, and the company is a well-run, mission-orientated direct-to-consumer internet retailer that delivers for its customers,” Republic COO Matthew Begley said.
Republic provided an $8 million direct-to-consumer inventory loan facility that provides significant availability on Spiraledge’s inventory, accounts receivables, merchant accounts, and e-commerce related proceeds. Republic’s funding refinanced Spiraledge’s existing bank facility while providing significant additional liquidity for future growth.
The Spiraledge team believes the market will continue to expand as outdoor activities and customers continue to focus on living healthy. The company is excited about having a supportive partner to help buy inventory and deal with supply chain headaches ahead of seasonal swings.
“We enjoy partnering with great founders and strong CFOs who see value in non-dilutive debt financing to support their growth,” said Robert Meyers, President of Republic Business Credit. “We have built our platform to help support companies that need a mix of scalable, growth-orientated solutions across our asset-based lending, direct to consumer and factoring products.”
Republic partners with banks, accountants, sponsors, lawyers and investment banks to collaboratively support entrepreneurs across the United States, to create value, by enabling them to focus on growing successful businesses.
Posted on July 11, 2022
New Orleans, LA – When a Texas-based manufacturing company needed a working capital facility to meet increased demand in the energy sector, they sought a trusted and reliable partner to fuel their growth plans. Republic Business Credit collaborated with private equity sponsors to structure a factoring facility that doubled its availability while maintaining the treasury management services as the incumbent bank. Republic was referred into the credit facility by several partners across the private equity, independent sponsor, and asset-based lending community.
Republic was selected for its expertise, reputation, and long-term support of the oil field service industry. Additionally, Republic worked with the company and private sponsor over several years to time up the refinance to take advantage of market conditions and opportunities.
The CEO of the company said, “Republic worked with us over the years through the normal ups and downs of the energy industry, so it was ideal and easy to partner with an entrepreneurial finance company during an uncertain but potentially opportunistic market for us.”
The manufacturer was formed through an initial acquisition and a series of smaller add-on acquisitions in the oil field service industry, with the aims of vertically integrating both the product and service suite of solutions to energy companies located throughout Texas and Louisiana.
The company is able to provide manufacturing, installation, welding, fabrication, and repair services across its client base. The flexibility to focus its efforts across the suite of products uniquely situated it to outperform its competitors during the downturn and take advantage of the opportunities during a rebound in energy prices.
The oil field service company is led by a dynamic and experienced management team that have been successful in the oil field industry for decades. The company prides itself on a diverse customer base that includes both energy and non-energy dependent customers that seek added value partners in the supply chain.
Republic provided a $5.5 million Ledgered Line of Credit Facility to provide funding for their payroll, material costs, equipment repair, and the acquisition of new assets to match their increased demand forecast in 2022. “Companies working in the Permian and Eagle Ford shale basins are challenged by unprecedented supply and demand issues,” said Robert Meyers, President of Republic. “We have always been supportive of customers in the oil field industry, so we are able to understand the rapid growth demands combined with the uncertainty and unpredictability of present market conditions.”
Leigh Guglielmo, SVP of Business Development and recent Women in Secured Finance award winner, added, “We partner with many of the downstream and midstream service firms to support the largest employer of our communities across the Gulf Region and it was great to partner with another well-run company.”
Republic Business Credit partners with banks, accountants, private equity sponsors, independent sponsors, lawyers, and investment banks to collaboratively support entrepreneurs across the United States, to create value, by enabling them to focus on growing successful businesses
Posted on June 16, 2022
New Orleans, LA
When a Midwest based private equity owned promotional products manufacturer was getting back to business following the pandemic, their regional bank wanted to limit their access to working capital. Despite returning to profitability this year and a committed gulf region based private equity sponsor, they partnered Republic Business Credit to refinance their credit facility. In addition to their expected growth as tradeshows return, their existing customers came roaring back with larger than normal orders as they feared potential supply chain complications down the road. The company sought a growth-orientated ABL facility that would unconditionally support their growth and post covid business renewal plans.
The company is a promotional products manufacturer that services large fortune 1,000 companies across the automotive, technology, finance, energy and retail industries throughout the US. The company specializes in custom manufacturing, typically a wide variety of products and solutions throughout the year as needs evolve. Additionally, they have recently vertically integrated several supply-chain services to supplement their product manufacturing by adding value to their warehousing, fulfillment, and distribution support.
The business needed to refinance its existing bank line of credit in order to accelerate its growth and product development plans. The company CEO said, “We needed a finance source that could react decisively, consistently and enjoyed being part of our story as we explore several growth options across our product range during a challenging economic period,” and a managing partner from the private equity sponsor added, “Republic has delivered on their promises so far as this is our first portfolio company partnership together, we appreciated that Republic’s leadership team got into the weeds with us to make sure we properly structured the credit”
Republic Business Credit provided a $3 million asset-based loan facility secured by accounts receivables that refinanced their incumbent bank lender and provided significantly more borrowing base availability at closing. Republic was introduced to the opportunity directly from the private equity fund as a result of our reputation within the private equity community for lower and middle market sponsor owned ABL facilities. Republic’s President, Robert Meyers, said, “We are focused on providing ABL, direct to consumer loans and factoring to private equity owned companies across the country,” he further added, “Our team worked with the Company to structure a growth orientated facility that provided significantly more liquidity to enable the management team to focus on growth.” Republic’s CEO, Stewart Chesters added, “Since our founding, we have always been committed to providing broad and inclusive access to working capital to lower and middle-market companies that seek a better partnership than a traditional loan structure will provide.”
Republic Business Credit partners with banks, accountants, sponsors, lawyers and investment banks to collaboratively support entrepreneurs across the United States, to create value, by enabling them to focus on growing successful businesses. Republic’s CEO, Stewart Chesters further added, “We believe our suite of lending and factoring products will be more in demand as companies emerge from the fog of covid and get back to growing.”
Posted on June 16, 2022
Houston, TX
When a UK headquartered temporary healthcare staffing provider decided to open operations in the US, they tasked Fast AR Funding to keep up with demand. Shortly after setting up in the US, the domestic growth quickly outpaced expectations and the company found themselves with a cashflow gap to keep up with their growing payroll. The UK parent turned to Fast AR Funding to enable its US operations to become self-sufficient as they planned to expand in other countries as well. Fast AR Funding provided a $200,000 spot factoring solution with a high advance rate to support their growing payroll needs in 2020 and beyond. Within the first six months as a client, Fast AR increased the facility limit to over $1,000,000 as they saw a huge surge in the demand for nurses across the country.
The nurse staffing company provides temporary placement of qualified healthcare professionals to hospitals, regional medical providers, and Healthcare VMOs. The demand for travel nurses across the different regions of the country will continue during the pandemic as healthcare regions continue to see consistent fluctuations in the number of cases and corresponding medical personnel necessary. Hospitals and healthcare systems continue to react to the virus hotspots across the country. CEO of the UK parent said, “Fast AR Funding closed our facility in only a few days and has allowed us to keep up with the hospital demand without any hesitation”; he further added, “Our biggest surprise with Fast AR Funding is the instantaneous access to decision makers that understand our business and continue to increase our facility as necessary, we are on pace to need more than $2,000,000 in working capital by the end of October.”
In order to ensure their payroll needs were covered, the company sought Fast AR’s expertise in the temporary staffing space. Fast AR provided a selective factoring facility with our seamless online application and technology enabled approval process. Fast AR Funding provided the first funding within 72 hours that allowed the client to meet their payroll the same week they completed the application. Fast AR’s selective factoring facility allows the client to submit any amount of invoices needed for payroll without any minimums or contracts. The company continues to choose the flexibility and speed of Fast AR over other factoring alternatives. “Factoring is a great solution for entrepreneurs in the temporary staffing space” said Fast AR Funding’s New Customer Manager – William Kemp; he further added “Despite the ongoing pandemic, it is wonderful to help a great company succeed, grow their business and help support our healthcare community’s response to Covid 19 across the country.”
