Republic Business Credit Launches New ABL Offering
Republic Business Credit announced the launch of its asset-based lending product, Republic1. For businesses with needs beyond receivables finance, Republic1 provides additional funding for inventory and also machinery and equipment.
“Many businesses are looking to finance not only their accounts receivable but also the value they have tied up in their inventory and/or machinery and equipment,” said Allen E. Frederic, Republic Business Credit’s chief executive officer. “With our Republic1 facility we look to provide them with the covenant free flexibility of our receivable purchase lines of credit with inventory and/or machinery and equipment finance on a single borrowing base. We are very excited about bringing this product to the small- and mid-market business community.”
Republic1 provides facilities from $100,000 up to $5 million on Accounts Receivable and up to an additional $5 million each on inventory and machinery and equipment. The facilities also maximize the value of a business’ collateral with up to 90% advances available on eligible Accounts Receivable, up to 75% on eligible inventory and up to 75% on eligible machinery and equipment.
Republic Business Credit is targeting a variety of industries including energy, oil and gas, apparel, manufacturing, food distribution, marine, transportation, agriculture, service industries, and others.
“We understand the importance of simplicity to our clients and our facilities come with a single borrowing base,” said Stewart Chesters, chief operating officer of Republic Business Credit. “We also focus on being responsive to our clients’ needs so that they have adequate funding and support to take advantage of their growth opportunities.”