Republic Business Credit Closes Receivables Purchase Facility
Republic Business Credit announced a $750,000 receivables purchase facility for a startup Pennsylvania-based distribution company. Proceeds will be used to aid in the company’s restructuring plan.
“We see many commercial finance businesses turn down startup companies,” said Allen E. Frederic, Jr., Republic Business Credit’s chief executive officer. “At Republic Business Credit we are pleased to work with experienced entrepreneurs to get their businesses off the ground. Our receivables purchase lines of credit and factoring facilities are ideally suited to get a great business plan operational.”
Added Frederic, “We are seeing many entrepreneurs starting businesses in the distribution, services and energies sectors and we are excited to support experienced management teams drive our economy forwards. With our own entrepreneurial approach and focus on responsiveness we know how to support our growing clients as they utilize our factoring and receivables purchase line of credit facilities to take advantage of opportunities.”
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 line of credit and factoring facilities.