Renasant Business Credit Funds Utility Company ABL Revolver
Renasant Business Credit announced the funding of a $4.5 million asset-based revolving line of credit for a company based in Georgia serving the needs of utility companies throughout the South and Mid-Atlantic regions.
The borrower was able to significantly increase its loan availability, lower its all-in cost of working capital and reduce collateral reporting requirements as part of the new lending relationship.
“This kind of value-added, relationship lending is the target market for Renasant Business Credit,” said Mike Knuckles, the EVP and division manager. “In this particular case, we were able to offer increased availability on a portion of the Accounts Receivable due to the unique nature of the business model and the company’s strong customer base. The borrower will also enjoy a much more cohesive and streamlined treasury management process as a result of their new banking relationship with Renasant.”
This relationship was originated, underwritten and will be managed by SVP Bill Drmacich.