Republic Business Credit Provides $1.5 Million Recourse Factoring Facility to Sustainable FoodTech Manufacturer
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.