Posted on December 3, 2024
NEW ORLEANS – A New York-based apparel company has partnered with Republic Business Credit to secure a non-recourse factoring solution, allowing the company to extend payment terms to its customers without assuming additional financial risk. This partnership will enable the company to meet recent, growing demand for its products and solidify customer relationships to support long-term growth potential.
Republic was able to leverage an efficient approval process due to its deep understanding of the apparel industry. The factoring facility will provide the company with immediate access to working capital, enabling its leaders to focus on core operations and driving further growth.
“Republic has a deep understanding of the challenges and opportunities facing apparel companies,” stated William Kemp, SVP for Republic. “We are pleased to apply our expertise to find a financing solution that meets their unique needs.”
The apparel manufacturer has a long-standing reputation for providing high-quality apparel to major retailers across the United States. The company has seen high rates of success by providing longer payment terms to its customers. This supports the manufacturer’s growth, while reinforcing its positive relationships with its vendors.
“At Republic, we believe in the power of collaboration to drive success,” stated Matthew Begley, Chief Operating Officer of Republic. “We strive to find solutions that help companies not only maintain, but significantly strengthen their already outstanding customer relationships. We are excited to see where this partnership leads in the future.”
Posted on December 2, 2024
LOS ANGELES – Fueled by a demand for its innovative automated handling solutions, a national manufacturer has partnered with Republic Business Credit to secure a $4,000,000 recourse factoring facility. Republic partnered with an independent private equity sponsor to complete the corporate divestiture of one orphan division that was primed for growth with the right partner.
Republic proved to be the ideal partner for the manufacturer’s evolving needs thanks to its flexible financing solutions and collaborative approach. This strategic alliance will empower the company to capitalize on surging demand and accelerate its expansion plans. The PE sponsor wanted to reinforce the company’s opportunity for success on day one by setting up a revolver with Republic. The sponsor added, “Republic partnered with us throughout the acquisition process, often through nights and weekends, to ensure the revolving line was ready on our first day of ownership.”
“Our recourse factoring facility offers the company streamlined underwriting, enhanced financial flexibility and the vital capital needed to fuel its growth and realize its ambitious goals,” said Jason Carmona, SVP, Western Regional at Republic. “With Republic’s comprehensive suite of financial solutions, the company has gained the flexibility to seamlessly transition to an ABL (Asset-Based Lending) line of credit as it achieves its strategic targets and objectives.”
The company specializes in the design and manufacturing of automated handling solutions for a variety of industries, including e-commerce, defense, transportation and industrials. The company saw rapid growth during Covid-19 due to its partnership with a national e-commerce company that expanded fulfillment operations to meet growing demand for online orders. Now the company is on the brink of another expansion, making this financial partnership so critical.
“We were impressed with the company’s strong management team and their vision for the future,” stated Robert Meyers, President of Republic. “This partnership exemplifies Republic’s commitment to empowering businesses with the working capital they need to thrive in the dynamic landscape of today’s marketplace.”
Posted on November 19, 2024
NEW ORLEANS –
Finding the right financial partner is critical for every company but especially for start-ups, which is why an East Coast temporary staffing firm sought out an industry expert in Republic Business Credit.
By partnering with Republic, the temporary staffing company was able to unlock the necessary working capital to meet all its payroll needs so it could focus on growing the business. The founder said, “It felt great to match our funding needs with staffing experts who could help us achieve our goals.”
Republic’s Fast AR factoring solution delivered a $250,000 working capital solution that empowered the company’s founders with the financial freedom to not only match payroll demands but also support its growth initiatives in 2025. Since its initial funding, the company has secured five new customers and will be looking to increase its facility to $550,000 by the end of the month.
“Employment is the backbone of our economy and staffing companies are a critical component of that,” stated William Kemp, SVP of Business Development for Republic. “We are proud to support a business that is poised to have a great impact on both individual people and the nation’s economy as a whole.”
Based in the Northeast, the staffing enterprise specializes in the technology and healthcare market segments and has successfully placed employees in companies across the nation. This includes large, retail-focused enterprises that support consumer electronic devices across the country.
“We work with companies in many different stages of their business cycle, but new businesses are always special to us,” said Stewart Chesters, Republic’s CEO. “We enjoy partnering with a company from its beginning stages and take great pride in its continued growth throughout its entrepreneurial journey.”
Posted on November 5, 2024
CHICAGO –
An outdoor apparel manufacturer approached Republic Business Credit for an asset-based loan when its existing senior lender could no longer support the company’s accelerated growth. Republic was able to provide a $15,000,000 asset-based loan and partnered with Change Capital to secure an additional $2,000,000 junior debt facility. The combined financing enabled the company to boost inventory ahead of its peak season, resulting in the company successfully meeting its 2024 growth targets while already exceeding its spring 2025 projections by over 25%.
The Southeast-based company manufactures innovative apparel, accessories and athleisure basics for fishing, hunting, boating and other outdoor activities. The company credits its omnichannel approach, including sales through big box retailers, club stores and the company’s own growing e-commerce channels, as key components of its consistent, year-over-year growth.
“It’s exciting when we can partner with dynamic leadership teams that are facing the working capital challenges of growth, and its rewarding to see their success once they have the right lender in their corner,” said Robert Meyers, President of Republic. “We pride ourselves in fostering true collaboration with our clients and partners to achieve the best possible outcome for everyone involved.”
Raffi Azadian, CEO of Change Capital added, “We like partnering with founders that have a plan, a successful track record and a trusted senior debt lender that we have known for years. Together with Republic, we’ve provided an incredible solution to accelerate the continued success of the company, and we look forward to telling its growth story in the future.”
“Since the deal has funded, the company has paid its key suppliers and seen significant growth in sales,” stated Eric Dorner, VP in Republic’s Chicago office. “It has always been a highly profitable business and we are seeing that trend continue. The right partnership paves the way for success to follow.”
Posted on November 1, 2024
NEW YORK –
Robert Meyers, President of Republic Business Credit, was recently elected as President of the Secured Finance Network (SFNet), the essential resource for all organizations and professionals that deliver and enable secured finance to businesses.
Meyers got involved with SFNet in 2013 by planning an educational event for the SFNet Midwest Chapter. Over the next decade, he took on numerous volunteer roles, including chapter treasurer, vice president and president in 2016. Additionally, Meyers was elected to SFNet’s Executive Committee in 2016 and eventually the Management Committee in 2022.
One of Meyers’ biggest contributions to the organization was the creation of the organization’s national young professionals group: Emerging Leaders ( YoPros). Along with an incredible group of volunteers, Meyers helped launch the program in 2017. Meyers will apply this experience to achieve his goal of creating a larger, broader community to support SFNet members and accelerate access to capital.
“I want us to be a stronger, broader and a more inclusive community,” stated Meyers. “We are at the center of secured finance while needing to include more private credit funds, banks and factoring companies in our mission. We are a leader in advocacy at both the state and federal level for our members, whether that’s BASEL III, state financial disclosures or new licensing laws. The more robust our community is, the more impactful we will be not only to our members but, more importantly and the reason we are all here, to our clients.”
Rich Gumbrecht, CEO of SFNet, agrees. “We are seeing a rejuvenation of our members, including new members that support our expanded mission, contributing to our educational resources and partnering on advocacy initiatives. We want to keep this momentum going. Robert is very well respected in our community and is the perfect person to continue pushing our growth strategy forward, which benefits everyone in the secured finance ecosystem.”
Meyers has a long history in the secured finance field. After graduating from the University of Chicago in 2006, he began his career at a large, global independent factoring company before leading a management lead buyout of Republic Business Credit in 2016. He did so while earning his MBA from Northwestern University, which he received in 2017. Meyers is the president and managing member of Republic, overseeing the company’s sales, marketing and underwriting teams. Republic has seen consistent growth since 2016, having more than doubled the size of its team, adding three new products and now proudly serving clients in more than 30 states around the country. All this growth has accelerated since Republic became a wholly owned subsidiary of Renasant Bank in 2023, increasing its balance sheet and opening its Southeast office. In addition to SFNet, Meyers has maintained active memberships in the Turnaround Management Association and Young President’s Organization.
“Robert brings a passion and energy to everything that he does,” stated Stewart Chesters, CEO of Republic. “He has made significant contributions to our company, community and the SFNet organization, and we are excited for him to take on this leadership role within our largest global trade association. We are proud of Robert’s achievements and look forward to celebrating our industry successes together.”
Posted on October 28, 2024
LOS ANGELES –
When a California-based natural food manufacturer outgrew its small business loan, it sprang into action through a new partnership with Republic Business Credit. Republic was introduced by a lower middle market debt advisor in the natural food industry to help the company navigate this exciting period of growth.
The company manufactures all-natural almond butters and other almond products that are sold through various retail channels, including Amazon. Initially launched as an alternative to peanut butter for children, the company now works with local almond growers to offer powdered almond butter, almond flour, bagged almonds and snack packs to a wide array of consumers.
“It can be difficult as an early-stage company if you don’t choose the right partners,” said Jason Carmona, EVP Western Regional Manager at Republic. “We transformed a challenging situation into a positive outcome for our client by swiftly developing a plan that ensured the seamless fulfillment of all outstanding orders.” Carmona further added, “We believe in the company’s purpose and are happy to help keep this flourishing product on the market.”
Republic provided a $1,250,000 factoring facility to support the manufacturer’s future growth plans. In addition to providing the ability to rapidly scale to meet customer demand, Republic provided funding for the company’s extended term customers with up to 120 days of eligibility. Additionally, Republic was able to waive the personal guarantee requirement due to the single-family ownership.
“From the beginning, this company exemplified the entrepreneurial spirit of a growing business in the exciting natural food space,” said Robert Meyers, President of Republic. “We are proud to partner with this company and support its future financial success.”
Posted on October 21, 2024
HOUSTON –
Following a period of rapid growth, a Texas-based solar panel installation company sought a long-term funding partnership with Republic Business Credit. The company’s founder said, “We needed a team with expertise in the energy industry combined with the long-term ability to scale with our business. Republic has that industry knowledge and vital flexibility.”
Texas boasts one of the highest rates of solar installation in the United States. This trend is forecasted to continue well into the 2030s. The company provides a mix of residential and commercial solar solutions throughout Texas and expects to expand into additional states in the Gulf Coast region.
Republic SVP, William Kemp shared, “Rapid growth periods are very exciting for any company. “Having the proper financing in place from the beginning gives the company’s leadership the ability to focus on how best to manage this growth to achieve positive, long-term results.”
The $3,000,000 factoring facility provided accounts receivable funding unique to the company’s business model. The terms of the factoring agreement are structured similarly to an asset-based loan, as the company is only being charged on their utilization of the facility. The adjustment will allow company executives to focus on core business operations while achieving their aggressive growth targets in the upcoming quarters.
“This is the perfect example of how we provide rapidly growing companies with working capital freedom,” stated Robert Meyers, President of Republic. “We tailored a private credit solution to support the company’s long-term growth goals and enhance the positive effects on Texas’ economy though the workforce and energy solutions this company provides.”
Posted on September 23, 2024
LOS ANGELES –
A California-based, national staffing firm wanted a new financing partner after its incumbent bank opted not to renew its current line of credit due to the size of the credit facility, as the bank chose to focus on mid-market clients.
The company hired a well-respected industry investment banker who selected Republic Business Credit as the best partner to support the payroll needs of the temporary staffing company. Republic refinanced the incumbent regional bank while increasing the company’s access to working capital.
The staffing agency provides staff augmentation, rapid team expansion and comprehensive, temporary project management for Fortune 100 firms across the U.S. It specializes in highly-skilled, temporary staffing across the administrative, project management and technology enhancement industries.
“The temporary staffing industry is known for requiring payroll funding to support cash flow,” said Jason Carmona, EVP. “Since we provided the initial funding, financing is no longer a concern. The company’s founders have been able to focus on growing the company and the future is limitless for them.”
Republic provided a $1,500,000 asset-based loan with an elevated 90% advance rate on their accounts receivables. Additionally, Republic added on an accordion that could scale up to $5,000,000, which supported the company’s focus on growth.
“Our expertise in temporary staffing agencies allowed us to provide an asset-based loan instead of a ledgered line of credit or factoring facility,” stated republic President, Robert Meyers. “Utilizing our talented team, including our in-house heads of field exams and legal, we were able to significantly reduce the costs of setting up an asset-based loan for the entrepreneurial-owned staffing company. We set our customers up for success from the beginning, and we are proud to have achieved that again through this latest partnership.”
Posted on September 16, 2024
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.”
Posted on August 26, 2024
NEW ORLEANS –
When a third-generation, family-run food manufacturing company sought to refinance their incumbent regional bank, they chose the local, gulf coast experts at Republic Business Credit to refinance their line of credit. Republic was introduced by food and beverage industry leaders that believed Republic’s experience in the food manufacturing industry would enhance the long-term success of the partnership.
The company focuses on large-scale food manufacturing and milling for several Fortune 100 food manufacturing companies while supporting the healthily eating goals of local governments, cities and parishes.
The company’s management team focus on relationships, local connectivity and matching values with its generational history. They found a perfect match with Republic’s CEO, Stewart Chesters and SVP Business Development Officer for the New Orleans region, Leigh Guglielmo. The company’s chairman added, “Throughout our history, the alignment of our values with those of our partners has helped define our relationships and provided the foundation for success across our lending relationships.” She further added, “Republic is uniquely headquartered in Louisiana while being a national commercial finance company, which shows us they are committed to our community and building relationships from the ground up.”
“Republic prides itself on the personal and professional connections we make with our customers,” said Guglielmo. “From day one, we focused on understanding their business, partnering for future success and adhering to clear standards for mutual success.”
Republic provided the food manufacturing company with a $15,000,000 asset-based loan secured by their accounts receivables and inventory, which included a seasonal inventory accordion that would bring the combined loan up to $20,000,000. During the seasonal growth periods, Republic provided over $5,000,000 more in excess availability than their incumbent bank lender was able to provide.
“We have a lot of depth of experience and connection across the food and beverage manufacturing industry that, combined with our national platform, allows us to partner with great companies like this one,” stated Chesters. “It is always satisfying to be able to help an established company overcome a temporary setback and recover their previous, successful stature through our suite of ABL and factoring solutions.”
Republic partners with bankers, private equity firms, accountants, consultants, investment bankers and industry experts to support growing companies across the country.
Posted on August 12, 2024
CHICAGO –
When a renowned beverage manufacturing company found itself with insufficient working capital from its lender, it partnered with Republic Business Credit to expand its access to flexible working capital.
Republic was introduced by a middle market Midwest consulting firm that needed a food and beverage industry expert that was able to structure a more growth-oriented working capital facility. The company has already exceeded budget by over 30% during its first quarter since being supported with a better fitted asset based loan.
The company manufactures several different beverages across the carbonated and non-carbonated category. The company maintains exclusive licensing deals with some of the biggest brands around the country, delivering a private label and branded manufacturing experience for its customers. The company is on pace to achieve more than $40 million in revenue in 2025, only its fifth year in business.
The company was able to combine their strategic growth plan with a scalable asset based loan and the right team of advisors to exceed their budgets so far in 2024. Its founder added, “Republic understands our industry and our future better than we could have hoped for, and we are excited to work with Republic for years to come.”
Republic provided a $4.25 million asset based loan that allowed the company to not only hit, but exceed its projections. Republic was able to fund the deal by combining inventory availability along with a 90% advance rate on their accounts receivables. Additionally, Republic provided an in-transit advance on inventory in transit throughout the United States to help accelerate their cashflows.
“This company is primed for success. They have a unique product that is very strong in their market,” stated William Kemp, SVP, business development officer. “We found a fiscally smart way to support the company’s growth and we are proud of our partnership.”
The enterprise was founded in the Midwest and manufactures and distributes licensed consumer packaged goods both domestically and internationally. Republic is a proud supporter of food and beverage manufacturers across the country.
“This deal is the perfect example of what our company sets out to do,” said Robert Meyers, president of Republic. “We saw a dynamic set of founders, poised for success with the right partnership that could keep up with their growth.” Meyers added, “Our goal, and that of our clients, is profitable growth, and we are excited about their early successes and expectations to exceed 50% year-over-year revenue growth by the end of 2024!”
Posted on July 15, 2024
LOS ANGELES –
Based on a referral from a well-known California CPA firm, a rapidly expanding apparel manufacturer has chosen Republic Business Credit as its preferred factoring partner. Facing imminent deadlines for spring shipments, the LA-based clothing manufacturer sought a dynamic financing solution capable of scaling with its accelerated growth.
Specializing in full-package garments for major national retailers, the apparel manufacturer’s executive team boasts extensive experience in the apparel and textile sectors, positioning the company as a rising leader in women’s fashion, encompassing tops, bottoms and dresses. Reflecting on their recent success, the company’s founder emphasized, “We surpassed our spring orders by 150% and needed a partner who truly understood our industry.”
Republic swiftly responded with a $3,000,000 factoring facility, which was promptly increased to $4,000,000 within the first month as demand surpassed initial expectations. Republic’s approach included the full approval of most customers and strategic funding support for non-approved accounts, ensuring seamless cash flow management for the manufacturer.
Republic Senior Vice President of Business Development in Los Angeles, Tae Chung, highlighted Republic’s tailored solutions: “Republic’s expertise in women’s apparel enabled us to craft dynamic options that perfectly aligned with the client’s needs. Once our strategy was set, we moved swiftly to finalize the agreement, and we are already enhancing our support for their future growth.”
Republic specializes in providing factoring, asset-based lending and e-commerce solutions to apparel and textile manufacturers nationwide. Republic Chief Operating Officer, Matthew Begley, expressed optimism about Republic’s strong performance: “We’ve surpassed our 2024 sales targets ahead of schedule, marking a pivotal year of growth for Republic Business Credit. We look forward to forging new partnerships with companies experiencing similar growth trajectories.”
For more information on Republic’s financing solutions tailored for the apparel and textile industries, please visit Republic Business Credit.
