Republic Business Credit approved a $5 million factoring facility for a designer wristwatch and accessory distributor to provide financial support for its expected spring and summer sales surge. As part of this facility, Republic Business Credit will assume the risk of the watch company’s approved customers.
The company distributes watches and accessories across various consumer product categories such as the dress, field, pilot, dive and racing segments. The founder sought a partner with knowledge about the secondhand and resale watch industry, stating, “Finding a partner who shares our vision for the industry’s future was crucial. This partnership will help us navigate supply chain challenges with confidence.”
The facility from Republic Business Credit provides liquidity, credit protection and funding on extended customer payment terms for the watch company. This funding injection will bridge the cash flow gap between paying suppliers and receiving payments from major retailers.
“As a watch collector myself, I am thrilled to offer financing options within the watch industry. Our commitment is to deliver prompt and professional service, ensuring a seamless experience for our clients,” Matt Begley, COO of Republic Business Credit, said.
“Since joining Republic in early 2020, we have enhanced our capabilities and welcomed new clients across our portfolio,” Tae Chung, senior vice president at Republic Business Credit, said. “This growth has been made possible through strategic partnerships with industry professionals who value exceptional client service alongside their working capital requirements.”
