Daily News: August 22, 2012

Republic Business Credit Closes $18MM in New Client Facilities

Republic Business Credit said it completed over $18 million in new client facilities closed in the start to the third quarter.

“We are pleased with these strong results for June and July reinforcing the reputation of our new business team in gaining recommendations from those working with small to mid sized companies,” said Allen E. Frederic, Republic Business Credit’s chief executive officer. “We have seen a lot of activity in the oil & energy, distribution and staffing sectors, with businesses looking to use our receivables purchase line of credit and factoring facilities to support ongoing growth. Our ability to act fast and provide flexible solutions to our clients and our banking and consulting partners has ensured that we remain a working capital funder of choice.”

Republic said its strategy is to deploy our asset-based facilities, receivable purchase line of credit and factoring facilities to provide working capital for rapidly growing, turnaround and startup companies that have annual sales up to $60 million and facility needs of $100,000 to $5 million. Republic Business Credit said it is targeting a variety of industries, including energy, oil and gas, apparel, manufacturing, temporary staffing, distribution, transportation, food distribution, safety and security, government contracting, marine, printing, janitorial and others.

“The businesses we work with do have choices before them, by focusing on their needs and providing covenant free flexible solutions we continue to find business owners that want the choice we bring them,” said Stewart Chesters, chief operating officer of Republic Business Credit. “Being entrepreneurial business owners ourselves, we truly understand the importance of responsiveness, flexibility and having the funding available to execute on business opportunities as they arise. We have designed our asset-based facilities, borrowing base receivables lines of credit and factoring facilities to meet those needs. Having the ability to provide either asset-based facilities utilizing the businesses inventory and machinery collateral, or receivable purchase lines of credit and factoring facilities gives the clients choices they do not often find.”