Republic Business Credit partnered with a turnaround consulting firm to provide a $1.5 million receivables line of credit to help support a trucking firm’s growth.
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Republic provided a 92% advance rate to improve the company’s liquidity and enable the company to remain current on its fuel, tax and payroll needs. Republic partnered with a leading Midwest-based turnaround consulting firm that was hired by a large bank to refinance the line of credit while the bank maintained the treasury management services. In 120 days, the turnaround firm increased its liquidity and improved cashflow.
The Midwest-based company provides intermodal and over the road transportation services for railroad, manufacturing and distribution companies located throughout the country. The company provides both in transit rail services and long-distance hauling. So far in 2019, twice as many carriers have failed than in all of 2018 due to decreasing prices and rising supply costs.
Republic provided a $1.5 million receivables line of credit facility with no covenants or cash flow requirements. Republic’s initial funding fully repaid the company’s existing line of credit facility and opened with more than $250k of additional availability. The company is now on pace to increase its revenue and improve its profitability.
“Transportation companies are a lifeblood of America and one of the leading economic indicators. Republic is proud to support entrepreneurs,” said Robert Meyers, president of Republic.
