Republic Business Credit Closes $18.0 Million in New Client Facilities
August 22, 2012
August 22, 2012
Strong new business in third quarter for working capital facilities.
With over $18 million of new client facilities closed at the end of the second quarter and beginning of the third, Republic Business Credit continues to show strength in supporting small to mid sized companies looking for flexibility in funding their working capital needs.
“We are pleased with these strong results for June and July reinforcing the reputation of our new business team in gaining recommendations from those working with small to mid sized companies,” said Allen E. Frederic, Republic Business Credit’s chief executive officer. “We have seen a lot of activity in the Energy, Distribution and Staffing sectors with businesses using our receivables purchase lines of credit and factoring facilities to support ongoing growth. Our ability to act fast and provide flexible solutions to our clients, banking and consulting partners has enhanced our position as a working capital funder of choice.”
Republic’s strategy is to offer asset based facilities, receivables purchase lines of credit and factoring facilities to provide working capital for rapidly growing, turnaround and start-up companies that have annual sales up to $60 million and facility needs of $100,000 to $5 million. Republic Business Credit is targeting a variety of industries, including energy, oil field service, apparel, manufacturing, temporary staffing, distribution, transportation, food distribution, safety and security, government contracting, marine, printing, janitorial and others.
“The businesses we work with do have financing options before them. By focusing on their needs and providing covenant free, flexible solutions we continue to attract business owners that appreciate the choice we bring them,” said Stewart Chesters, chief operating officer of Republic Business Credit. “Being entrepreneurial business owners ourselves, we truly understand the importance of responsiveness, flexibility and having the funding available to execute on business opportunities as they arise. We have designed our asset-based facilities, borrowing base receivables lines of credit and factoring facilities to meet those needs. Having the ability to provide either asset based facilities utilizing a business’ inventory and machinery collateral or receivables purchase lines of credit and factoring facilities provides our clients with solutions they do not often find.”