Republic Provides $2.5 Million Working Capital Facility for Southeastern Energy Industry Business
August 12, 2014
August 12, 2014
Republic Business Credit Supports Growth with Receivables Line of Credit Facility
New Orleans, LA (PRWEB) – Republic Business Credit announced today it provided a $2.5 million working capital facility to a growing Southeastern energy sector technical and engineering services business.
The business was looking at many opportunities to expand its services and was being restricted by existing banking facilities. Republic provided a Receivables Line of Credit facility with advance rates and a structure that ensures the business has money for growth and can pursue and fulfill new contracts.
“Currently there are many energy service companies that have excellent opportunities for growth but lack the working capital support to take full advantage of opportunities available,” 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 expanding oil field service companies whose increasing working capital needs are met through our covenant free lines of credit. Our ability to act fast and provide flexible solutions ensures that 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.