Republic Business Credit provided a $750,000 export factoring facility to an advertising and marketing firm based in the Northeast.
When a growing small business was declined by the Export-Import Bank of the U.S., it leveraged Republic Business Credit’s export expertise to fund its cash flow. Republic funded the export receivables to the UK, despite the ongoing uncertainty caused by the latest developments of Brexit.
The company was founded in 2018 by four advertising executives who previously worked for large multinational firms and saw a service gap being offered by larger marketing agencies. The company provides customized digital marketing, advertising, print and experiential solutions for its customers throughout the U.S. and Europe. The company assumed with the founders’ backgrounds it would simply get a line of credit from its bank, however, its was declined due to the number of years in business and reliance on UK customers.
Republic provided a $750,000 export factoring facility and helped the company obtain a credit insurance policy that guaranteed the collectability of the receivables. The cashflow of the company struggled with the extended terms, which are becoming more normal by publicly traded and advertising communities. Republic provided the stability, support and growth capital needed to build the company while combating net 90 day payment terms.
“As a proud Brit, it is very rewarding when you can help support U.S. companies to export back to my homeland,” said Stewart Chesters, CEO and founder of Republic. “We have several customers that either emigrated to the US or choose to expand their business by exporting goods or services to Europe. We partner with founders and entrepreneurs that want to expand their business without being saddled by the fear or uncertainty of customer location.”