Republic Business Credit Provides $3,000,000 Factoring Facility to Aerial Support Engineering Company

NEW ORLEANS –

Republic Business Credit recently partnered with an Alabama-based business specializing in aerial maintenance and oversight for utility and energy companies. The company sought to obtain more working capital than its previous bank could accommodate, which Republic was able to provide.

The company is an accredited woman-owned business with a long-standing history in the electrical power industry. It provides a specialized menu of services, including helicopter aerial support, helicopter audits, helicopter oversight and engineering support. For example, the company provides helicopters to assist with heavy-lift operations associated with the construction of transmission towers and lines.

It houses several other subsidiary businesses supporting additional services within the powerline industry, including line construction, maintenance and inspection, as well as 24/7 storm response.

Republic was introduced to the opportunity through its parent company, Renasant Bank, when the aerial company was seeking out a new lending solution.

“Republic was able to quickly address the client’s working capital needs,” said Bill Keller, Senior Vice President, Manager Commercial Lending for Shelby County, Alabama at Renasant Bank. “We were able to close within a week of our initial conversation with the client, which was key to their successful refinancing.”

Republic provided the company with a $3,000,000 factoring solution to refinance its incumbent bank and provide additional growth capital.

“We were able to act fast and provide our client with a factoring solution to meet their goals in a timeframe that outpaces traditional lenders,” said Republic President, Robert Meyers. “Our team was proud to help our client and provide them with solutions their previous bank could not.”

Republic provided extended eligibility up to 120 days for the large utility company, while most competitors limit eligibility to 90 days. Republic provided a 90% advanced rate on the receivables.

“This is a perfect example of Republic providing a necessary working capital facility to a woman-owned small business that needed more capital than the bank was able to provide,” said Republic CEO, Stewart Chesters. “Our parent company, Renasant, was able to capture the entire treasury management operation from start to finish.”