Daily News: June 13, 2017

Republic Business Credit Structures Facility for Staffing Firm

A large money center bank was unable to approve a sufficient line of credit, for a staffing firm that needed the funding to make payroll. The firm’s lender contacted Republic Business Credit to provide the necessary funds. Republic structured a larger, more affordable and shorter term facility for the nearly bankable client, with the ability to graduate back to the referring bank after six months.

Republic provided the entrepreneur with a $4 million receivables purchase line of credit, without restrictive covenants of traditional senior debt, to enhance control over their cash-flow.

“Thriving companies occasionally require a solution to assist their immediate growth orientated cash-flow shortfalls, prior to approval by commercial banks,” said Robert Meyers, chief commercial officer of Republic. “Republic is proud to provide client focused solutions that bridge cash-flow gaps for growing companies, without long and punitive contracts, enabling entrepreneurs to create jobs across the country.”