Republic Business Credit (RBC) provided a growth-orientated, $750,000 factoring facility secured by accounts receivables to increase a Southeastern-based HVAC company’s access to working capital.
The company sought the opportunity to grow with several large, commercial facilities, but it did not have a working capital facility. The company consulted with Renasant Bank, which introduced RBC to provide the facility.
The facility advanced up to 90% of the company’s accounts receivables and provided eligibility across its extended payment term customers.
“Republic specializes in providing factoring facilities to rapidly growing companies that need to accelerate their working capital through receivables factoring,” Brian Daray, senior vice president, underwriting manager of RBC, said. “Thanks to the close relationship between the company’s financial advisor and Renasant, Republic was a natural choice for its first financing facility.”
Since providing the ledgered line of credit facility over the summer, the company recently executed additional commercial contracts that will allow it to more than double its business during the second half of the year.
“Our relationship with Renasant has provided tremendous opportunities to partner with companies that might not fit a traditional bank loan structure,” Robert Meyers, president of RBC, said. “We look forward to providing more creative solutions across the Southeast and the entire country with our national platform.”
