Republic Business Credit partnered with a science-based food company that needed additional working capital to expand into new retail channels. To help the manufacturer, Republic provided it with a $1.5 million recourse factoring facility, which will supply the company with the working capital to pay its vendors in a timely manner.
The food manufacturer sought to enter new and larger retail channels. However, with its accounts receivable file growing rapidly due to an influx of customers, the company had trouble paying its suppliers on time. Republic’s $1.5 million recourse factoring facility provided a line of credit, which will increase the company’s working capital and allow it to manage growth expectations.
Jason Carmona, executive vice president, Western regional manager at Republic, helped facilitate the partnership.
“We are happy to support a company at the forefront of healthy and sustainable foods,” Carmona said. “Republic routinely partners with companies in the food and beverage industry, and it’s gratifying to help a food manufacturer grow in this particular space serving clients who are seeking out healthy snack options.”
“With the boost from Republic, the food and snack company can broaden its retail landscape,” Robert Meyers, president of Republic, said. “As more consumers turn to foods that are healthy and accessible, companies like this one find themselves facing increased demand — and sometimes lack the capital needed to meet that demand.”
