Republic Business Credit Provides $4 Million Working Capital Facility for Gulf Coast Based Oil Field Service Business
May 16, 2013
May 16, 2013
Republic Business Credit Supports Ongoing Growth with Line of Credit Facility.
Republic Business Credit announced today it provided a $4 million working capital facility to a growing Gulf Coast based oil field service contractor.
The business was looking at many opportunities to expand their services and was being restricted by their existing banking facilities. Republic provided them with a Receivables Line of Credit facility with the advance rates and structure that ensures the business has the money for growth and can continue to take on board new contracts.
“Currently, there are many oil field service companies and contractors in the Oil and Energy sector that have excellent opportunities for growth but lack the working capital support to take full advantage of opportunities to grow,” said Allen E. Frederic, Jr., Republic Business Credit’s chief executive officer. “At Republic, we provide facilities that are tied to the value of the Receivables and, therefore, not capped or limited. We fund many growing Oil Field service companies whose growing working capital needs are met through our covenant free lines of credit. Our ability to act fast and provide flexible solutions ensures we remain a working capital funder of choice.”
Republic Business Credit provides asset based facilities, including ABL, receivables purchase lines of credit and factoring facilities, inventory, equipment and purchase order lines to provide working capital for rapidly growing, turnaround and start-up companies. Facilities can range from $100,000 to $10 million. Republic Business Credit is targeting a variety of industries, including energy, oil and gas service companies, apparel, manufacturing, temporary staffing, distribution, transportation, food distribution, safety and security, government contracting, marine, printing, janitorial and others.