Republic Business Credit partnered with an Alabama-based business specializing in aerial maintenance and oversight for utility and energy companies, providing the company with a $3 million factoring solution to refinance its incumbent bank and provide additional growth capital. The company sought to obtain more working capital than its previous bank could accommodate, which Republic was able to provide.
The company is an accredited woman-owned business with a history in the electrical power industry. It provides a specialized menu of services, including helicopter aerial support, helicopter audits, helicopter oversight and engineering support. For example, the company provides helicopters to assist with heavy-lift operations associated with the construction of transmission towers and lines. It also houses several other subsidiary businesses supporting additional services within the powerline industry, including line construction, maintenance and inspection, as well as 24/7 storm response.
Republic Business Credit was introduced to the opportunity through its parent company, Renasant Bank, when the aerial company was seeking out a new lending solution.
“Republic was able to quickly address the client’s working capital needs,” Bill Keller, senior vice president and manager of commercial lending for Shelby County, AL, at Renasant Bank, said. “We were able to close within a week of our initial conversation with the client, which was key to their successful refinancing.”
“We were able to act fast and provide our client with a factoring solution to meet their goals in a timeframe that outpaces traditional lenders,” Robert Meyers, president of Republic Business Credit, said. “Our team was proud to help our client and provide them with solutions their previous bank could not.”
“This is a perfect example of Republic providing a necessary working capital facility to a woman-owned small business that needed more capital than the bank was able to provide,” Stewart Chesters, CEO of Republic Business Credit, said. “Our parent company, Renasant, was able to capture the entire treasury management operation from start to finish.”
