Renasant Funds $7MM Revolver for Importer/Distributor
Renasant Business Credit announced the funding of a $7 million asset-based revolving line of credit for an importer/distributor based in Georgia.
The borrower had executed a turnaround plan and was ready to graduate to a more relationship oriented lender. The business had been financially challenged the past several years. However, with the assistance of a skilled turnaround professional, the re-engagement of the former CEO and the partial recovery of its key markets, the business had shown substantial improvements in performance the past several months.
“This kind of value-added, relationship lending is the target market for Renasant Business Credit,” said Mike Knuckles, the E.V.P. and Division Manager. “our ability to underwrite, credit approve and close this transaction was aided tremendously by the infrastructure we have put in place during the past 18 months. This infrastructure includes our credit policies, operating procedures and risk rating methodologies.”