Republic Business Credit partnered with a regional bank to provide a ledgered receivables line of credit to help support a light industrial staffing agency.
The temporary staffing and consulting firm began to outgrow its existing line of credit and contacted Republic to provide a larger facility and a higher advance rate to keep up with its escalating payroll needs.
Republic partnered with the community bank to provide a flexible receivable facility while the referring bank was able to maintain all of the treasury management services. The bank wanted to keep a strong relationship with the client and looked to take over the facility within the coming year.
Republic provided a $4.5 million receivables purchase line of credit facility without any covenants or cash flow requirements. Republic’s initial funding was able to provide the company with the ability to fully repay the bank facility and have over $1 million in additional working capital.
“Temporary Staffing companies are the lifeblood of the small businesses located throughout America. Republic is proud to support minority-owned and female-owned entrepreneurs,” said Stewart Chesters, CEO of Republic.