Daily News: May 23, 2012

Republic Business Credit Appoints Smith as SVP, Sale

Republic Business Credit, LLC announced the appointment of Steven Smith, Birmingham resident and career banking professional, to lead its new business activities in Birmingham and the Southeastern marketplace.

Smith, a senior vice president with two decades of experience in banking and commercial finance, joined Republic Business Credit from Wells Fargo/Wachovia, where he has an extensive and broad background working in groups such as Real Estate, Special Situations and Credit Management. Smith started his career with Compass Bank in Montgomery, AL in retail banking and later in branch management with Colonial Bank. Smith is a native of Montgomery, AL, and holds a B.A. in finance from Auburn University.

“Finding solutions for businesses with working capital needs has been a passion I have held firmly throughout my career, “said Smith, “That is why I am excited to be working with the team at Republic Business Credit and my banking industry colleagues as they find solutions for growing or restructuring businesses where a traditional banking line may not be the fit.”

“Republic has receivables finance and factoring operations serving clients nationwide and is recognized as one of the most client-focused businesses of its kind in the country,” said Allen E. Frederic, Jr., chief executive officer. “Steve’s extensive network, knowledge and experience in banking excites us as we look to extend our presence in Birmingham and the Southeast. We know he can work well with his industry colleagues and peers in helping businesses with their working capital needs.”

“The companies that can benefit from our services are those that sell their goods and services to credit-worthy entities,” Smith said. “Our clients have to pay their employees today, meet immediate operating expenses and invest in growing their businesses but their own customers most often pay invoices in 30 to 45 days, sometimes longer. We can offer advances against accounts receivable to bridge these funding gaps so our clients can meet their obligations and continue to grow.”

Smith will focus on a variety of industries in the Southeastern market, including distribution, temporary staffing, manufacturing, energy, government contracting, consulting and technology. Republic also serves clients doing business in many other areas that sell to other businesses on credit terms.

Republic provides 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 lines of credit and factoring facilities.