Republic Business Credit Approves $60MM in Facilities in First Year
As the company celebrates its first anniversary, Republic Business Credit said it has approved $60 million in new client facilities in its first year of business.
“It’s been quite a year. After starting last spring and raising significant capital from institutional investors along with our senior debt facility, we have experienced a very gratifying year of success,” said Allen E. Frederic, Republic Business Credit’s chief executive officer.
“We thank our referral sources and industry colleagues in supporting us to achieve our first year’s results of approving 62 new client facilities in 19 states. We have targeted and funded clients in many sectors including energy, manufacturing, distribution marine, government contracting and service companies such as temporary staffing, janitorial, security and consulting.”
Republic’s strategy is to provide working capital for rapidly growing, turnaround and startup companies that have annual sales up to $60 million and facility needs of $50,000 to $5 million by utilizing receivables purchase lines of credit and factoring facilities.
Added Stewart Chesters, chief operating officer, “As we look to the future in 2012 we will be shortly doubling our marketing offices from our current locations in New Orleans, Chicago And Dallas. We have found by offering our clients a choice of factoring and our innovative receivables purchase line of credit we can meet the working capital needs of many growing, turnaround and well-established businesses. With the extensive commercial finance experience and knowledge of our team we find solutions for our clients needs and can be flexible in responding to them.”
He continued, “We continue to actively pursue acquisition opportunities, whether of factoring/receivables finance businesses or portfolios and the recruitment of skilled professionals. We look forward to future anniversaries and bringing our entrepreneurial approach to markets that require decisiveness, clarity and creative solutions.”