Daily News: June 1, 2017

Republic Business Credit Provides $5MM to Workforce Services Provider

When a Texas bank required additional years in business before approving a line of credit, it approached Republic Business Credit to provide working capital funding for a Houston-based temporary staffing client.

The client’s growing weekly payroll required a flexible and covenant free solution that leveraged its receivables to bridge the time gap in receiving payment from its end customers. The rapid growth of the client and the associated costs needed additional staff, increased employee screenings, workers compensation insurance and other unplanned fixed expenses required additional support.

Republic provided the minority-owned business a $5 million receivable purchase line of credit with a supplemental over-advance facility. Republic structured a cashflow-driven term loan facility to smooth out the client’s liquidity while expanding their business.

“Staffing and service firms provide essential workers across light industrial, transportation, clerical and other administration related professionals where firms do not have enough full-time employees,” said Robert Meyers, chief commercial officer of Republic. “As a commercial finance company, we are excited to assist businesses that support the expanding Houston community. Our strong relationships with bankers and other community based centers of influence trust us to provide scalable working capital facilities.”

Republic Business Credit provides flexible working capital solutions to help rapidly growing businesses, start-ups, and companies in turnaround or recoverable distressed situations.