Republic Business Credit Closes $16.5 Million in New Client Facilities
October 11, 2011
October 11, 2011
Strong New Business in Third Quarter for Working Capital Facilities provided by Republic Business Credit.
New Orleans, LA – With over $16.5 million of new client facilities closed in the third quarter Republic Business Credit continues its strong performance supporting small to mid sized companies looking for flexibility in funding their working capital needs.
“We have continued our strong growth of the first half with excellent new business results in the third quarter,” said Allen E. Frederic, Republic Business Credit’s chief executive officer. “We have seen a lot of activity in the Services, Distribution and Energy sectors, with businesses looking to use our receivables purchase line of credit and factoring facilities to support ongoing growth. We have been working in conjunction with our banking and consulting partners to bring solutions to our clients, ensuring a shared success in meeting client needs.”
Republic’s strategy is to provide working capital for rapidly start-up, turnaround and growing businesses that have annual sales up to $60 million and facility needs of $50,000 to $5 million by utilizing receivable purchase line of credit and factoring facilities. Republic Business Credit is targeting a variety of industries, including energy, oil and gas, manufacturing, temporary staffing, distribution, transportation, high-tech, safety and security, government contracting, marine, printing, janitorial and others.
“We continue to find business owners want the choice we bring them. Whether our cost effective, clear borrowing base line of credit facilities or the flexibility our factoring facilities bring, which they are not getting from their traditional facilities,” said Stewart Chesters, chief operating officer of Republic Business Credit. “As businesses prepare for the future they know they need covenant free flexible funding lines, where they can have direct access to decision makers who are business owners like themselves, not corporate intermediaries. Having the ability to provide both receivable purchase lines of credit and factoring facilities gives the clients choices they do not often find.” While many lenders are struggling with problem loans and client attrition, Chesters pointed out that Republic Business Credit is itself a team of entrepreneurs and understand the importance of responsiveness and flexibility to their clients.
Interested parties may contact Republic Business Credit, LLC, at 1-866-722-4987, http://www.republicbc.com.