Posted on May 28, 2024
NEW ORLEANS –
As part of its 2024 growth strategy, Republic Business Credit is pleased to announce the addition of Tuyet-Van T. Nguyen to its New Orleans team. Nguyen assumes the role of Senior Vice President, Head of Field Examination & Governance, and will lead all third-party and internal field examination activities across the commercial finance portfolio.
Nguyen is building out Republic’s internal field examination department to better support its current clients, prospective clients and referral partnerships. With an internal field examination group, Republic will strengthen its ability to speed up deal closings while minimizing costs where possible. This will allow small- and medium-sized businesses across the country better access to factoring and asset-based loans. It further solidifies Republic’s goal of being trusted partner.
Additionally, Nguyen will lead on all governance activity related to Republic’s policies, as well as regulatory compliance related to the parent company, Renasant Bank, and other activities required by the CEO and management committee. She will work closely with Republic’s third-party field examination firms as well as eventually hire additional field examiners to maintain schedules across all current clients and various risk statuses. Nguyen will also monitor legal and regulatory developments.
“I am looking forward to bringing my skill set to Republic, which fosters an entrepreneurial spirit throughout the company. The opportunity to build and lead a team within Republic’s more intimate work atmosphere is particularly appealing to me. Republic’s reputation for trustworthiness, professionalism, in-depth industry knowledge and a supportive environment solidifies my belief in them and the culture they are fostering.”
Nguyen, a Loyola University of New Orleans graduate, joins Republic following a decade-plus career at a national bank. She most recently served as director of asset-based lending and has a proven track record in overseeing and identifying potential risk in various business lines by fostering partnerships across the entire process from front end to the back end. She oversaw a team of more than 15 examiners and will leverage that managerial expertise in her new role.
Nguyen reports directly to Republic CEO Stewart Chesters.
“Van’s experience across all platforms of asset-based lending and her in-depth field examination expertise make her the perfect candidate to create and expand a field examination group here,” Chesters said. “We’re grateful to have her on board as we forge new partnerships and grow our business and our team across the U.S.”
“With the addition of senior leaders such as Van, Republic continues to demonstrate our strength in the secured finance industry and our commitment to hiring and recruiting top talent,” Republic President Robert Meyers said. “In the first six months of 2024, our team has grown over 20%, which is a remarkable milestone for a firm that began as a small, local startup.”
In her leisure hours, Nguyen dedicates her time to co-administering and managing an extensive international all-female Facebook community called Host A Sister. With a membership exceeding 600,000 women, the group’s mission is to provide assistance and support during times of need.
Posted on May 21, 2024
HOUSTON –
Republic Business Credit, a nationally recognized commercial finance company, is expanding its Houston office to support the firm’s regional leader and SVP, Business Development, Houston, William Kemp. This expansion will boost Republic’s client base and help the company take on new factoring and lending opportunities nationwide. The company’s growth spurt also includes new positions in Los Angeles and at its headquarters in New Orleans.
“As the need for nontraditional lending products increases, we’re proud to be able to offer products that help both small businesses and private equity sponsors,” Republic President Robert Meyers said. “We expect continued growth in 2024 throughout our core constituencies, which include oil field service, apparel, temporary staffing, government contractors, food, beverage and accessory brands along with a continued focus on portfolio opportunities through the private equity community.”
Ayesha Tariq and Chance Chadwick join the Republic team in Houston as business development associates. Both University of Texas at Austin graduates, Tariq and Chadwick will work closely with the Gulf Coast Regional New Business team while supporting the Los Angeles, New Orleans and Chicago offices of Republic. They will report to William Kemp.
“As the demand for Republic’s suite of products in factoring, Fast AR funding and asset-based lending has increased, so has our need to expand the team here in the fast-growing Houston market,” Kemp said. “I’m excited to onboard Ayesha and Chance and expand our footprint in this growing industry.”
Tariq graduated from the University of Texas in 2022 where she served as a microbiology teaching assistant and led the philanthropic efforts of Alpha Phi Sigma. She completed a data science bootcamp the following year and most recently worked as a business analyst and coordinator, growing her expertise in healthcare, pharma and life sciences verticals.
Chadwick graduated in 2023 and interned in sales and marketing for The Catalyst Group in Houston. He assisted with M&A efforts for a newly acquired platform and helped with business development in international markets. He also worked with Blue Harbor Capital Advisors identifying new business opportunities, with a focus on private equity.
Republic CEO Stewart Chesters, who established the Houston office in 2011, commented on the additions of Tariq and Chadwick: “One of the exciting things about working in secured finance is the varied backgrounds of the folks in our industry. We all come from different fields and areas of interest, and Ayesha and Chance exemplify that,” said Chesters. “William has been leading our Houston expansion with drive and dedication. I know he will be a great mentor to both.”
Posted on May 14, 2024
LOS ANGELES –
Republic Business Credit is pleased to announce the addition of Nisha Pujji to its West Coast office, adding to a team known for its ABL, e-commerce and apparel factoring expertise. Pujji will serve as an operations analyst, reporting to AVP, Operations Manager, Chad Crunelle.
Republic represents one of the largest entrepreneurial focused finance companies in the United States. The growth of the Los Angeles office reflects the firm’s expansion nationally with a platform and products that support the needs of growing small businesses, the private equity industry and entrepreneurs. The company is headquartered in New Orleans with offices in Los Angeles, Houston and Chicago.
As an operations analyst, Pujji will ensure that Republic’s day-to-day operations are in accordance with credit policy and other established processes. She will support the traditional factoring, asset-based lending and accounting teams across the U.S.
“Part of our firm’s investment strategy is to invest in our people, and the growth in our West Coast office is a reflection of that,” said Republic Chief Operating Officer Matthew Begley. “Our goal is to continue to add great people who reflect our culture of vibrancy, diversity and talent. We’re excited to welcome Nisha to the team.”
Pujji graduated from the University of California, San Diego, with a bachelor’s degree in political science and a focus on public law. She clerked for a law firm in Chatsworth doing research, writing and administrative duties for probate cases.
Crunelle said Pujji will be a great fit for Republic: “Nisha’s versatile background will add a fresh perspective to our growing Los Angeles-based team. She will help coordinate audits and inventory appraisals and work with our accounting group to ensure smooth communication between us and our clients.”
Posted on May 7, 2024
NEW ORLEANS –
When Republic Business Credit saw an opportunity to add an experienced finance expert to their team in New Orleans, they jumped at the chance. Danielle Wright-Madison, who began her career as a financial analyst and most recently served as a field exam manager for a major national banking institution, is among the new hires at Republic’s NOLA headquarters.
Wright-Madison will take on the role of Vice President, Underwriting, and report directly to Republic’s Senior Vice President, Underwriting Manager, Brian Daray.
“Danielle’s breadth of experience in finance and underwriting make her a perfect fit for our growing business,” Daray said. “She will be a key player on our team, working closely with the underwriting, client services and new business teams to guide us toward prospective borrowers that make sense for us and our partners.”
“I am truly looking forward to working within the entrepreneurial environment of Republic and leveraging my skill set of problem solving, leadership, support and training,” Wright-Madison said.
In her role, Wright-Madison will support the firms’ teams across its suite of products that include asset-based lending, e-commerce and factoring. She also will be responsible for reviewing and assessing clients for compliance against standard credit policies and procedures.
Prior to Republic, Wright-Madison was continually promoted at a major national bank, honing her expertise in field examination, due diligence, billing, records, inventory collateral and credit assessment.
She earned a bachelor’s degree in accounting from Xavier University of Louisiana, is a member of the Business Achievers Association, National Association of Black Accountants and has volunteered for an IRS tax assistance program.
“We were looking for someone in our New Orleans office who would be a proactive contributor to our community and prospective clients, as well as provide critical guidance in all aspects of client due diligence and compliance. It’s an important role, and we’re thrilled to be able to add Danielle to the incredible talent pool at Republic,” Republic President Robert Meyers said.
Posted on May 7, 2024
NEW ORLEANS –
Republic Business Credit continued its national growth trajectory with a new addition at the company’s home office in New Orleans. Katherine Hebert Seghers, an experienced data analyst and financial accounts manager, recently joined the firm as Vice President, Senior Accountant. A graduate of Loyola University New Orleans with an MBA from University of New Orleans, Seghers brings more than a decade of experience in managing financial accounts.
“I am thrilled to join the Republic team. My position is a dual role that will expand my financial skill set while allowing me the opportunity to learn the secured finance field through various special projects. I love the possibility to learn something new, which made this role so appealing,” Seghers said. “Meeting the team and seeing Republic’s company spirit in person along with their continuous growth reaffirmed why Republic is a leader in the secured finance industry and where I want to be.”
Seghers will report directly to Republic SVP, Controller Diane Wszalek.
“Katherine is a much-needed addition to the team, and I look forward to collaborating and working with her across our business planning and financial reporting requirements, as we balance our short- and long-term goals together,” Wszalek said.
In her role, Seghers will contribute to the strategic and growth goals of the firm while overseeing critical day-to-day accounting needs. She will use her accounting expertise to oversee and manage reconciliations in all operating systems, complete weekly accounts processing, compile monthly client analysis and fee assessment, and assist the controller on any special projects, such as third-party risk & vendor management and SOX auditing. Her prior experience in marketing and communications will also be a valuable asset as she assists with marketing projects.
“Our firm is growing and it’s important to add to our team in a way that supports senior executives in some of our critical day-to-day responsibilities in an ever evolving and developing industry. We’re lucky to have Katherine and her wealth of experience on board,” said Republic Chief Executive Officer Stewart Chesters.
Posted on May 1, 2024
ATLANTA –
Republic Business Credit is excited to announce the addition of Brian Resutek as Senior Vice President, Southeast Regional Manager. Resutek brings nearly two decades of experience in factoring, commercial finance, banking and business development. He joins a team at Republic that has grown by more than 20% in the first half of 2024 alone, adding seven key new hires in the past 90 days.
Brian brings deep industry knowledge in addition to his dynamic finance background, particularly supporting growing businesses across the apparel, textile, furniture, accessory, flooring, and food and beverage industries.
“When we identify a candidate with the talent and experience of someone like Brian, we work hard to recruit them to our growing team,” Republic CEO Stewart Chesters said. “Brian not only expands our Southeast partnership with Renasant Bank, but he also enables us to support more manufacturers and distributors across one of the fastest growing economic regions.”
Resutek most recently worked both as an account executive and business development officer for one of the largest privately held factor and finance companies in the U.S. He oversaw client and account management, new business development and both factoring and asset-based loan opportunities. He also spent nearly a decade at Branch Banking & Trust, or “BB&T,” in the bank’s commercial finance sector.
“I truly enjoy the challenge of growing, partnering and collaborating across the Southeast for Republic and Renasant Bank. I have been following Republic Business Credit’s growth and success for some time, and the opportunity to help build their Southeast presence was something I couldn’t pass up,” Resutek said.
Resutek earned a Bachelor of Business Administration degree from the University of Michigan’s Ross School of Business. He also served as head manager under legendary football coach Lloyd Carr, overseeing 15 student managers. He earned an MBA from University of Georgia’s Terry School of Business and completed Harvard University’s 18-month business analytics program in 2020.
In his new role, Resutek will assess and build new client relationships, working closely with Republic President Robert Meyers.
“Republic is fortunate to have Brian joining with his level of experience, and our team will be better as a result,” Meyers said. “Brian is a known and well-respected professional in the Southeast region, and he is another reflection of our strategy to build a business that includes the best and brightest people throughout our key markets.”
When he’s not working on new business or growing relationships with clients, Resutek competes in ultramarathons and other endurance-related challenges along with spending time with his family. Additionally, he volunteers for the local YMCA, where he is a board member, as well as other local nonprofits.
Posted on April 29, 2024
LOS ANGELES –
Republic Business Credit is excited to announce its partnership with a science-based food company that needed additional working capital to expand into new retail channels. To help the manufacturer, Republic provided a $1.5 million recourse factoring facility, which will supply the company with the working capital to pay its vendors in a timely manner.
Founded in 2017, the company is a healthy snack manufacturer that specializes in affordable, nutrient-dense snacks. Its product catalog includes low-carb pita chips, protein-rich cookies, gluten-free items, low sugar options and plant-based snacks. The company, which is funded in part by the U.S. National Science Foundation, appeals to health-conscious consumers through its approach to creating nutritious foods made from plants, legumes, and other protein-rich ingredients.
The food manufacturer sought to enter new and larger retail channels. However, with its accounts receivable file growing rapidly due to an influx of customers, the company had trouble paying its suppliers on time. Republic’s $1.5 million recourse factoring facility provided a line of credit, which will increase the company’s working capital and allow it to manage growth expectations.
Jason Carmona, Republic Executive Vice President, Western Regional Manager, helped facilitate the partnership.
“We are happy to support a company at the forefront of healthy and sustainable foods. Republic routinely partners with companies in the food and beverage industry, and it’s gratifying to help a food manufacturer grow in this particular space serving clients who are seeking out healthy snack options,” Carmona said.
Republic President Robert Meyers said the fast-growing company fills a niche in the food and snack business that Republic products are designed to serve.
“With the boost from Republic, the food and snack company can broaden its retail landscape. As more consumers turn to foods that are healthy and accessible, companies like this one find themselves facing increased demand — and sometimes lack the capital needed to meet that demand,” he said.
Posted on April 16, 2024
NEW ORLEANS –
Republic Business Credit provided a $6.75 million asset-based loan to an award-winning temporary staffing company that outgrew its current bank lender.
The Tennessee-based company provides staffing solutions for light industrial, administrative, information technology, and essential healthcare workers. It has more than 30 locations nationwide, has been in business for more than 25 years and is owned by its employees and management team.
The company’s long-time, existing lender reached out to Republic’s parent company, Renasant Bank, when it was clear the company would need increased working capital that traditional lending could not accommodate. The company was experiencing cashflow challenges due to inconsistent customer demand combined with staffing recruitment shortages. Temporary staffing is a leading economic indicator. With historic low unemployment and rising interest rates, companies often prefer temporary hires over full-time employment.
Republic, which has experience providing fast and effective funding solutions to temporary staffing companies across the country, was the ideal partner to step in and assist this company.
“When Renasant connected us with this staffing company, we knew we would be able to provide the increased working capital availability that their incumbent bank was providing,” said Republic Senior Vice President of Sales, Leigh Guglielmo. “Republic was uniquely positioned to extend an asset-based loan that not only supported the company’s payroll needs, but also provided options to continue growing with their manufacturing customers.”
The $6.5 million asset-based loan has an accordion feature to the agreement in the event of company growth combined with no cashflow related covenants. This structure will provide the immediate availability and long-term flexibility that the company needs to recover and thrive.
“We increased their availability by more than 25%, which is huge for a working capital dependent temporary staffing company, not to mention were able to set up the facility within five weeks of our initial engagement,” said Republic President Robert Meyers. “Our speed and industry expertise makes us an excellent partner to companies that find themselves needing funding solutions when traditional banks aren’t the best fit.”
The structure of the loan allowed the company’s long-time lender to maintain the existing treasury for three of its operating accounts while Republic provided the working capital line.
“Republic was able to tailor a solution that supplemented the company’s line of credit, making it possible to cover existing costs while planning for the next phase of development,” said Melody Vollman, Senior Vice President, Renasant Bank/Southeastern Commercial Finance. “We’re proud to work alongside Republic on solutions like this that work.”
Asset-based loans are common within the temporary staffing industry, which experiences frequent and at times unpredictable fluctuation. Republic has partnered with numerous staffing companies to provide similar solutions.
Posted on March 12, 2024
LOS ANGELES –
When a California-based aftermarket automotive supplier needed to increase its working capital after acquiring a competitor, Republic stepped in to provide more availability and a larger credit facility to support its cashflow.
The private equity-owned company specializes in providing custom, luxury products to vehicle owners looking to upgrade across the country.
The automotive supplier’s decision to choose Republic stemmed from prior experience with another portfolio company borrowing from Republic. Having observed Republic’s successful financing of that company, the supplier trusted Republic to refinance its bank line of credit and support its growth.
Republic saw the value in the company’s management team, strategic direction and private equity sponsor. After reviewing its strong adjusted EBITDA performance, Republic understood that this company had already recovered from the acquisition expenses but is set to thrive in 2024 with the right lending solution.
“Our established partnership with the company’s sponsor, coupled with our track record of delivering timely, professional, and dependable support, solidified our position as the ideal lender for the business,” stated Republic COO Matthew Begley. “The management team’s capabilities and the company’s past achievements instilled confidence in our ability to forge a successful relationship.”
Due to the company’s unique business model, it carries more SKUs and inventory than some other businesses. However, due to strong gross profit margins and a well-run business, Republic was able to provide availability against the full value of that collateral with an $8 million asset-based loan.
“We continue to see demand to support growth-oriented opportunities across our sponsor driven ABL strategy,” said Republic President Robert Meyers. “There is additional credit support and comfort working with sponsors, combined with mutual time and cost savings from reoccurring transactions with the same equity partners.”
Ultimately, Republic increased borrowing availability by more than $3 million at closing and will further benefit the company during the low and high seasons.
“With Republic’s help, we were able to refinance our bank line of credit and significantly increase our borrowing availability to help us scale the business,” said the company’s CEO. “We are grateful that our private equity sponsor had an existing relationship with Republic so we could quickly partner.”
Posted on February 27, 2024
CHICAGO –
When Modern Sprout outgrew its current lender, the Chicago-based Garden design shop and manufacturer planted new roots with Republic Business Credit to secure a $5 million asset-based loan at the close of 2023. Modern Sprout is a fast-growing innovator in the “grow-your-own” movement, combining hydroponic growing technology with sleek, stylish and sustainable indoor and outdoor garden solutions.
Its product portfolio consists of grow kits for everything from kitchen herbs to natural pet treats. They also offer stylish grow lights, gift-ready seed starting kits, plant accessories and more. Modern Sprout sells direct-to-consumer and has partnerships with a range of businesses from standalone neighborhood boutiques to national retailers, such as Target and Kohls.
In 2023, Modern Sprout learned that its current lending partner would not be able to support the company’s future growth plans. It needed a new partner that could not only accelerate its borrowing capabilities, but truly understand the seasonal needs of an omnichannel, founder-led business. Republic was that partner, stepping up with an ABL facility that made additional inventory funding possible during Modern Sprout’s low season.
Modern Sprout was connected to Republic by several Midwest referral sources due to its leading reputation across the food, beverage, apparel and consumer packaged goods industries. Those introductions came from a well-known national consulting firm, investment bank and regional commercial bank that were all looking to find ways to support Modern Sprout.
Republic provided a $5 million asset-based loan that provided additional availability on their inventory and e-commerce sales during their seasonal ramp periods.
“Republic’s experience in the CPG industry and strong grasp of e-commerce channels made us an excellent partner for Modern Sprout,” said Eric Dorner, Republic’s VP in its Chicago office. “We are excited to support the continued growth of this company that has reinvented its industry and made at-home gardening more accessible to every consumer.”
“It is our mission to connect people and plants through our unique products and solutions,” said Sarah Burrows, who co-founded Modern Sprout with her husband in 2013. “That is an ambitious purpose that requires us to grow quickly and be adaptable to the market. Republic’s services have allowed us not only to succeed, but to exceed our goals.”
Republic President Robert Meyers said, “We were so impressed with the entire Modern Sprout team, and it is great when we can provide a working capital facility to people who are truly passionate about their work. The team, including Sarah Burrows, Nick Behr, Kim Chisholm, Allison Hammer, Danielle Kurtz, Chris Todd, Tony Wesley and Jessica Amata, provided us with confidence in the long-term success of this founder-led company in Chicago’s West Loop.”
In 2024, Modern Sprout plans to expand into additional departments within Target, introduce new products and grow its partnerships with World Market and Container Store.
Posted on February 20, 2024
LOS ANGELES –
When a California-based fabric manufacturer sought a factoring partner that could fully approve its customers, they believed that Republic Business Credit would help safely grow their business.
The company, established in 2020, is the most recent endeavor launched by another one of Republic’s long-term clients in the apparel industry. In fact, Republic had previously provided a factoring facility to the brands’ parent company, which gave its leaders confidence that this would be another trustworthy partnership.
The company did not require a factoring partner throughout the pandemic because of its strong customer relationships and growing e-commerce platform. However, as the current retail environment continues to shift due to inflation, higher costs and inconsistent consumer demand, the company wanted the comfort and safety that comes with shipping to credit approved retailers. It was especially important to get approval on some of its larger retailers, such as Burlington Coat Factory & Ross Stores that have been integral to the company’s proven success.
“It has given us confidence to continue growing and expanding our business, knowing that we will be able to collect our wholesale receivables from large retailers,” said the company’s founder. “Republic’s understanding of the apparel industry, combined with its responsive client management team have made this an incredibly effective partnership.”
Republic provided a non-borrowing traditional factoring facility to help reduce the company’s payment risk. Republic gave the company comfort that its shipments would be paid for in full, so the company could focus on growing its new brand.
“I have been working with companies in the apparel space for years,” said Republic SVP, Business Development for the California office, Tae Chung, who managed the deal. “Companies often need the flexibility of a factoring facility and reduced credit risk to stay competitive in the market. We are proud to support the company in this new partnership and look forward to helping them further advance.”
Republic was able to approve 100% of the company’s customers and serve as a trusted advisor through a challenging time in the market.
“We are always excited when our existing, successful relationships with clients lead us to new opportunities to work with businesses seeking similar solutions,” said Republic’s COO, Matthew Begley. “We are confident that our facility will help this company reach its goals and continue to be a dynamic and competitive player in the apparel space.”
Traditional Factoring is often used by businesses in specific industries, such as apparel companies, to reduce payment risk. Republic has long-term partnerships with many industry leaders across the country to provide that security and help their businesses to succeed.
Posted on February 11, 2024
LOS ANGELES –
When a swimwear manufacturer outgrew its lender and sought a larger factoring facility, it partnered with Republic Business Credit. Republic was the ideal partner, providing the company with a larger factoring facility and more customer credit support than its previous factor, ahead of an oversold spring season.
The company is an apparel manufacturer and wholesaler that specializes in swimwear. It is brand historically recognized for its fashionable women’s swimwear while also offering loungewear, sweaters and other swim apparel and accessories.
The company was determined to grow into new markets in 2024. Partnering with Republic allowed the company to access a $4 million factoring facility and increase customer approvals. Republic provided a facility to support spring shipments into major retailers.
Tae Chung, Republic’s Senior Vice President, California, helped facilitate the deal and already had a long-tenured relationship with the swimwear manufacturer.
“Having a strong previous relationship with the partner made this a seamless process for both parties,” Chung said. “For many parts of the country, the spring and summer seasons are fast-approaching, and the company needed to be ready.”
Republic Chief Operating Officer Matthew Begley said the swimwear company will be able to grow and meet demand as the warmer weather approaches, allowing the business “to focus on the nuts and bolts of day-to-day demands without worrying about the financing.”
Because of its partnership with Republic, the swimwear company shipped more than 10 million orders for the upcoming spring swim season.
