Daily News: March 12, 2012

Republic Business Credit Provides $2MM A/R Purchase Facility

Republic Business Credit said it provided a $2 million receivables purchase facility for a MS-based equipment distributor.

“We were pleased to assist our client and their bankers in providing a working capital facility for this well established business,” said Allen E. Frederic, Republic Business Credit’s chief executive officer. “We find many banks working to maintain their banking relationship with businesses that may no longer fit their credit parameters. At Republic Business Credit we can use our receivables purchase lines and factoring facilities innovatively to support these transitions while working with the client and bankers to maintain the banking relationship.”

Republic’s strategy is to provide working capital for rapidly growing, turnaround and start-up 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.