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.”
Posted on June 16, 2022
Los Angeles, CA
When a Los Angeles apparel manufacturing and import company sought funding for their Fall and Winter orders, they chose Republic Business Credit to fuel their growth. Republic approved a scalable traditional factoring facility to support their expected growth in anticipation of the orders they have received for the additional reopening of retail stores. Republic fully approved the customer limits necessary to enable the company to fulfill large purchase orders in the midst of the Pandemic. The Apparel company CEO said, “We are excited about showcasing our growing fashion line and wanted a factoring partner that could grow with our brand.”
As the Pandemic has caused postponements, cancellations, and shipment uncertainty throughout the retail supply chains, Republic has supported clients throughout this uncertain and unpredictable period in the history of retail. Republic Business Credit provides apparel importers, distributors, and manufacturers with the necessary support and guidance to adapt during the staggered reopening.
The company is a distributor of women’s comfy chic dresses, pant suits, and skirts that are ideal for either working from home or going out. The brand is focused primarily on manufacturing in the USA and sources nearly all of its material domestically. The passion for the brand comes from a balance of fit and texture for working professional women. The brand is well positioned for the post Covid-19 store re-openings as they had no debt entering the 2nd quarter of 2021. The brand sought a partnership with an entrepreneurial finance company with deep industry experience and the ability to scale up its facility.
Republic provided a $1.5m traditional factoring facility with credit protection and extended customer payment terms for a Los Angeles based brand. Republic’s funding will eliminate their cashflow gap between paying suppliers and receiving payments from retailers. The company is unsure what the holiday season will likely bring, but it is confident they have a partner during all of the “return to work” stages. Republic’s COO, Matt Begley said, “We believe our factoring and asset-based lending products will partner well with businesses as the economy gets back to a growth track.” He further added, “We are excited to help all brands on the front lines of the fourth quarter and future growth.”
Republic Business Credit provides factoring, asset-based lending and direct to consumer facilities up to $10,000,000 across the United States. 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 June 16, 2022
New Orleans, LA
When a Gulf region-based food service company sought more funding than their incumbent bank lender could provide, they fed Republic Business Credit the order for growth-orientated working capital. Republic approved a non-dilutive and adaptable facility that provided availability on their account receivables and purchase orders. The food service company was looking to accelerate its ability to buy grocery inventories, paper products and hire staff to keep up with the growing demand across the public-school systems.
Republic is a proud supporter of the food and beverage industry, especially our clients that buy produce through their local farms and produce providers during uncertain growing seasons. The total US packaged food market segment is expected to exceed a trillion dollars in 2021 and continue to see a CAGR in excess of4%. The natural food and beverage category represents 10.5% of the volume, but nearly 30% of the dollar growth volume across the total industry, according to several sources. Republic is increasingly providing more working capital financing in the natural, organic, ingredient, and plant-based categories.
The food service company provides breakfast, lunch, snacks, dinner and drinks to school districts across the gulf region,and continues to add on additional school districts and support thousands of students. The company primarily sells directly to the school districts throughout the Gulf region. The rapidly growing company far exceeded its sales forecast during the Covid-19 pandemic as students needed additional essential services whether they were in school or not. The company supplies meals throughout the year and remains at the heart and belly of many students’ meal programs. As the founder told Republic when they were searching for capital,“This debt facility will not only increase our ability to grow as a company, but it will allow us to help so many more students and schools as we turn into 2021 back to school season.”
Republic provided a $5m ledgered line of credit facility with a $500,000 purchase order call facility to a Gulf Region based Food Service Company. Republic’s funding will enable the company to buy more bulk inventory, hire additional staff and increase the number of school districts they can support each school year. Republic structured the ledgered factoring facility to allow for rapid growth without any financial covenants or field exam requirements. The company expects a strong close to 2021 and plans to request an inventory and equipment term loan facility as they continue to build their company.
Republic’s President, Robert Meyers said, “We believe our factoring, ABL, and inventory lending products are great supplements to the vision of our growing portfolio of food brands.” He further added, “we are excited to help enable our entrepreneurs to focus on adding revenue while knowing they have a supportive partner to weather any supply chain or growth issues they might encounter during the pandemic.”Republic’s CEO, Stewart Chesters, added “The food supply chain is critical to everyone’s well-being, we are excited to help so many food companies as they lead us into healthy food alternatives.” Republic Business Credit provides factoring, asset-based lending and direct to consumer facilities up to $10,000,000 across the United States.
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 27, 2020
Republic Business Credit funds a food ingredient manufacturer company in partnership with a leading food industry consultant
LOS ANGELES (PRWEB) SEPTEMBER 24, 2020
When a West Coast-based natural food manufacturing company sought more funding than their incumbent bank lender could provide, they fed the order to Republic Business Credit for increased access to working capital. Republic approved a scalable and non-dilutive growth-orientated facility that provided availability on their account receivables. The natural food ingredient manufacturing company was looking to accelerate its growth across its product lines. Republic is a determined supporter of the natural food trade shows, including its regional associations, Naturally. The total food and beverage market is over half a trillion dollars and continues to grow each year. The natural food and beverage category represents 10.5% of the volume, but nearly 30% of the dollar growth volume across the total industry, according to several sources. Republic is a proud supporter of the food and beverage industry, increasingly more in the natural, organic, ingredient, and plant-based categories.
The food manufacturing company provides several unique ingredients to natural food brands across the country. The company sells to distributors, co-packers, and manufacturers of healthy food products across the country. The rapidly growing company outpaced its sales targets in the midst of the Covid-19 pandemic and wanted a partner to help double its revenue next year. As the founder told Republic shortly after closing, “This debt facility will not only increase our ability to grow as a company, but it will allow us to retain greater ownership of the company as we didn’t need to raise additional equity.”
Republic provided a $2.75m ledgered line of credit facility with to a West coast-based food manufacturing company. Republic’s funding will eliminate the cashflow gap from the difference in timing from their suppliers and their customer payments. Republic structured the ledgered factoring facility to allow for extended terms without any financial covenants or field exam requirements. The company expects a strong close to 2020 and plans to ask for a facility limit increase in early 2021. Republic’s President, Robert Meyers said, “We believe our factoring, ABL and inventory lending products are great supplements to the vision of our growing portfolio of food brands.” He further added, “we are excited to help enable our entrepreneurs to focus on adding revenue while knowing they have a supportive partner to weather any supply chain or growth issues they might encounter during the pandemic.” Republic’s CEO, Stewart Chesters, added: “The food supply chain is critical to everyone’s well-being, we are excited to help so many food companies as they lead us into healthy food alternatives.” Republic Business Credit provides factoring, asset-based lending and direct to consumer facilities up to $10,000,000 across the United States.
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 26, 2020
Republic Business Credit supports a California based apparel manufacturer with a traditional factoring facility in the midst of a pandemic
LOS ANGELES (PRWEB) SEPTEMBER 22, 2020
When a Los Angeles apparel manufacturing and import company sought funding for their 2020 Fall and Winter orders, they chose Republic Business Credit to fuel their growth. Republic approved a scalable traditional facility to support their expected growth in anticipation of the orders they have received for the additional reopening of retail stores. Republic fully approved the customer limits necessary to enable the company to fulfill large purchase orders in the midst of Covid-19. The Apparel company CEO said, “We are excited about showcasing our growing fashion line and wanted a factoring partner that could grow with our brand.”
As the Pandemic has caused postponements, cancellations, and shipment uncertainty throughout the retail supply chains, Republic will support the client throughout this uncertain and unpredictable period in the history of retail. Republic Business Credit provides apparel importers, distributors, and manufacturers with the necessary support and guidance to adapt during the staggered reopening.
The company is a distributor of women’s comfy chic dresses, pantsuits, and skirts that are ideal for either working from home or going out. The brand is focused primarily on manufacturing in the USA and sources nearly all of its material domestically. The passion for the brand comes from a balance of fit and texture for working professional women. The brand is well-positioned for the post-COVID-19 store re-openings as they had no debt entering the 2nd quarter of 2020. The brand sought a partnership with an entrepreneurial finance company with deep industry experience and the ability to scale up its facility.
Republic provided a $1.5m traditional factoring facility with credit protection and extended customer payment terms for a Los Angeles based brand. Republic’s funding will eliminate their cash flow gap between paying suppliers and receiving payments from retailers. The company is unsure what the holiday season will likely bring, but it is confident they have a partner during all of the “return to work” stages. Republic’s COO, Matt Begley said, “We believe our factoring and asset-based lending products will partner well with businesses as states reopen in 2020.” He further added, “We are excited to help all brands on the front lines of supplying store reopening’s and returning closer to our normal lives.”
Republic Business Credit provides factoring, asset-based lending and direct to consumer facilities up to $10,000,000 across the United States. 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 September 26, 2020
Republic Business Credit partnered with the Management Team to provide credit protection and receivable management services.
LOS ANGELES (PRWEB) SEPTEMBER 17, 2020
When a West Coast family-owned apparel importer wanted credit and collection services, they chose Republic Business Credit to help support their credit decisions during the Covid-19 pandemic. Republic provided a stress-free, credit protection solution that gives comfort for any new orders the company will consider shipping to both major and regional retailers. According to a recent CNBC article, as the pandemic stretches on, the number of retail bankruptcies are quickly approaching the highest number in over a decade. As of early August, over 43 retailers have filed bankruptcy, with many more expected to follow suit before the pandemic is over. Republic believes in the future of retail and is continuing to approve orders for its clients despite what some of the newspapers might refer to as the “end of retail.”
The company has seen a recent increase in shipments for their spring and summer orders and is starting to slot the upcoming holiday season. The company founder said, “The comfort of knowing that we will collect our wholesale receivables provides us the confidence to continue supplying large retailers while increasing our responsiveness to fill orders to established retailers that are reopening in certain core markets.”
The company primarily imports a women’s fashion line in the light, work from home, and leisure categories. They sell unique style dresses, blouses, pants, and loungewear in the medium price segment. The company believes it is well-positioned for the post Pandemic transition having minimal debt and the ability to limit their overhead expenses as an import company, but sees an unpredictable year in terms of revenue and credit worthiness of retailers. The company finally set up its non-borrowing credit facility after many years of conversations in light of everything going around the world. The credit protection allows the company to place an order with its vendors, knowing that they will be able to pay their suppliers assuming the product successfully arrives at the retailer.
Republic Business Credit provided a non-borrowing, traditional factoring facility with credit protection and collection services, with minimal annual volume requirements. Republic provided the credit information to support the decision for which orders to take and which ones to avoid during the recession. The company believes there will be an uptick in volume as the year progresses but it might be unevenly spread across his customer base depending on reopening guidelines.
“We will always support the apparel and consumer packaged goods industry with our traditional factoring product,” said Matthew Begley, COO of Republic, continuing, “We added our direct to consumer and asset-based lending products to support a wider range of businesses cycles throughout the consumer packaged goods community.” Republic provides factoring, asset-based lending, and direct to consumer facilities up to $10,000,000 to businesses throughout the country.
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 26, 2020
Republic Business Credit partnered with a private equity fund to refinance its existing bank facility and provide more availability on their inventory.
NEW ORLEANS (PRWEB) SEPTEMBER 15, 2020
When a private equity-owned west coast apparel accessory manufacturer needed more availability and additional liquidity from their loan facility, they chose Republic Business Credit to accelerate their growth through the pandemic. Republic provided a growth-orientated facility that gives availability on inventory, merchant accounts, and direct to consumer proceeds. The apparel manufacturer welcomed the opportunity to fully leverage their inventory without a restriction or cap in relation to their receivables, as a traditional asset-based loan would structure. The private equity fund operator shared with Republic, “The comfort of having a strategic partner during a recession that is comfortable with our pivot to e-commerce is invaluable. We would reduce shareholder value if our plans were tied solely around a wholesale strategy at the moment.”
CLIENT BACKGROUND
The company manufactures and distributes licensed and branded apparel accessories including bags, wearables, and other wardrobe add-ons. Typically finding itself in the moderate to premium categories, the company receives glowing customer reviews through Amazon. In the post-COVID-19 transition, the company feels it is well-positioned, seeing a lot of upside in their product category. Additionally, for the short-term, the company sees benefits arising from the current ‘virtual world’ as it allows a better centralization of their inventory and a positive impact on supply chains.
Without the just in time demands of a wholesale strategy, the company is better positioned to time launches and partnerships through their eCommerce and direct to consumer offerings. In the longer term, expanding its relationships with the licensees to add-on related category products to the same target customers. This will increase their wallet share and more repeat purchase opportunities.
SOLUTION
Republic provided a $3.0m direct to consumer inventory loan facility. This facility provides significant availability on their inventory, receivables, merchant accounts, and eCommerce related proceeds. Republic’s funding refinanced its existing bank facility while providing ample liquidity to enhance its e-commerce strategy. The company believes it will be an unpredictable wholesale revenue year. They remain excited about the uptick in orders it has received directly from customers.
“We enjoy partnering with strong equity partners that see value in non-dilutive, growth-supporting, debt financing opportunities,” said Robert Meyers, President of RBC. Adding further, “We support companies that need a mix of scalable growth-orientated solutions. Our solutions can come from 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 US. Republic looks to create value, by enabling them to focus on growing successful businesses.
Posted on June 8, 2020
When a West Coast family-owned furniture manufacturer needed more availability and additional liquidity from their debt facility, they chose Republic Business Credit to provide the bridge to help through the Pandemic. Republic presented a stable, consistent and growth-focused approach to the management despite the ongoing recession and public health crisis. Republic provided credit protection on their receivables, less restrictive concentration limits and a higher advance rate on their eligible collateral. Despite slightly increasing their cost of capital with a non-bank finance company, they prioritized having no financial covenants to better equip their evolving marketing strategy during the Pandemic.
The company has seen a tremendous demand from large eCommerce vendors to help equip remote offices for those switching to telecommuting over the past few months. The company CEO said, “The comfort of knowing that we will collect our wholesale receivables provides us the confidence to continue supplying large retailers in the medium term, while increasing our responsiveness to the short-term needs of our customers that are working from home.”
The company manufacturers and imports home office and entertainment furniture including desks, chairs, stands and consoles. The company typically finds itself in the moderate and mainstream affordable price categories. The company believes it is well-positioned for the post Pandemic transition, as they see a lot of upside in both the short and medium terms for countrywide office reopening plans. In the short-term, the company will continue to benefit from the “working from home” orders as people look to pivot away from their dining room table offices. In the medium term, the company is exploring options on the commercial side as their customers are reexamining open office concepts to comply with social distancing guidelines from the CDC and State Health Departments around return to work protocols.
Republic Business Credit provided a $3.5 million non-recourse factoring facility that provides credit protection without any covenants. Republic’s funding was used to refinance out the existing bank facility while providing over a million dollars of availability to respond to customer demand. The company believes it will be an unpredictable revenue year, that while they are confident there is a significant uptick in demand, they are not sure of the timing of the orders given the ever-changing “return to work” guidelines and timelines. “We continue to see small and medium-sized businesses exploring industry growth opportunities, while struggling with inconsistent behaviors from their incumbent bank lenders,” said Robert Meyers, President of Republic. He further added, “We have built our business to help support companies that need a mix of growth and recovery solutions across our factoring and asset-based lending products.”
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 June 8, 2020
Republic Business Credit is proud to announce the hiring of Tae Chung as Senior Vice President of Business Development in its Los Angeles office. Tae will significantly increase our presence in the California traditional factoring market, further building upon the acquisition of Continental Business Credit in 2019. In addition to non-recourse factoring, Republic provides asset-based lending, direct to consumer financing and recourse factoring for companies throughout the consumer-packaged goods industry. Tae will lead Republic’s efforts in the apparel, accessory, electronic, textile, furniture and importer segments.
Tae has built his career in the California apparel industry, entering his 20th year of providing factoring and asset-based lending solutions. He has a deep industry knowledge of the California factoring and lending markets. Tae is a member of the California chapter of Secured Finance Network, The Professional Club and various trade show associations. Tae will be located out of our new Los Angeles office, headed by its Chief Operating Officer, Matthew Begley, and EVP – Western Regional Manager, Jason Carmona.
Republic is committed to assisting apparel companies through this Pandemic, supporting their reopening plans and the likely challenging market that will follow. Republic understands the negative impacts across most retail, e-commerce and wholesale manufacturers and distributors, and believes it is well-positioned to help. While Republic provides many solutions for clients, in the short term it believes its factoring solutions and inventory funding options provide a unique solution to help apparel companies continue to ship while things begin to stabilize. Republic provides factoring and lending facilities up to $10,000,000, therefore its credit and collection product is able to support both small and large companies. Republic’s President, Robert Meyers said, “We continue to heavily invest into our non-recourse and asset-based lending offerings in the California market. We believe we are well-positioned to pick up market share during this upcoming recession.”
Republic believes in light of continued disruption in the apparel industry, that its commitment to providing factoring solutions will aid business owners in need of creative and flexible non-bank approaches to solving their cashflow needs. Republic’s COO, Matt Begley added, “We were excited when we learned that Tae was available in the market, Tae has been on our list of top performers in the region for many years.” Adding to Matt’s comments, Republic’s President, Robert added, “Some of our best opportunities often come at inopportune times, but it just shows our commitment to the business we are building together, and it all starts with great people.”
Republic is dedicated to helping entrepreneurs throughout the country, with its focus on building out regional offices to better support the local entrepreneurs. Republic’s EVP, Western Regional Manager, Jason Carmona added, “I have known Tae a long time, I am really thrilled he has joined our California based team. Tae has a strong track record that supports our commitment to traditional factoring and supporting the apparel and consumer packaged goods space.”
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.
