Following a period of rapid growth, a Texas-based solar panel installation company sought a long-term funding partnership with Republic Business Credit (RBC)._x000D_
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RBC structured a $3 million factoring facility, providing accounts receivable funding unique to the company’s business model. The terms of the factoring agreement are structured similarly to an asset-based loan, as the company is only being charged on their utilization of the facility. The adjustment will allow company executives to focus on core business operations while achieving their aggressive growth targets in the upcoming quarters._x000D_
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“We needed a team with expertise in the energy industry combined with the long-term ability to scale with our business. Republic has that industry knowledge and vital flexibility,” the company’s founder said._x000D_
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“Rapid growth periods are very exciting for any company,” William Kemp, senior vice president of RBC, said. “Having the proper financing in place from the beginning gives the company’s leadership the ability to focus on how best to manage this growth to achieve positive, long-term results.”_x000D_
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“This is the perfect example of how we provide rapidly growing companies with working capital freedom,” Robert Meyers, president of RBC, said. “We tailored a private credit solution to support the company’s long-term growth goals and enhance the positive effects on Texas’ economy though the workforce and energy solutions this company provides.”
Forward for Specialty Finance
