Republic Provides a $5 Million facility to Energy Workforce Services Provider
May 14, 2018
May 14, 2018
NEW ORLEANS (PRWEB) MAY 03, 2018 – When a Gulf Coast regional bank referred over a underperforming line of credit, Republic Business Credit replaced their facility while partnering with the bank to offer a new term loan secured by equipment and real estate. The client sought new recovery capital, and a partner that knew the cyclical nature of its industry, while offering an accordion facility up to $7.5 million to support future growth plans.
The client provides highly skilled temporary labor services into the Oil and Energy sector, including light industrial manufacturing, welding and heavy equipment specialists. The client needed more leverage on their receivables than the bank was willing to provide in order to meet their working capital needs for weekly payroll and mobilization requirements for jobs. Republic Business Credit provided a flexible, covenant free solution to accommodate their growing business. The client is filling new customer orders as the Gulf Coast region works through a shortage of skilled employees in certain areas of the energy sector.
Republic provided a $5 million receivables purchase line of credit with an accordion up to $7.5 million. The business possesses the confidence that Republic will support their longer term business growth needs without requiring a new lender in the next 36 months.
“Staffing and workforce service businesses provide essential skilled workers to those that do not have access or the time to recruit full-time employees,” said Robert Meyers, President of Republic. “As a commercial finance company, we are excited to assist companies that support the expanding Gulf Coast business community. We have strong relationships with local bankers and other centers of influence, and they trust us to provide flexible working capital facilities.”
Republic Business Credit supports banks across the United States to create value, strengthen relationships and provide complementary services to successful growing businesses.