Republic Business Credit provided a $3.5 million factoring facility to an international in-car technology manufacturer. The facility supported the industry’s long-dated extended credit terms, while also addressing seasonal customer concentration issues.
The company needed a working capital facility to support the independent growth of its U.S. division, which sells to larger retailers in North America. The financing provided the company with immediate access to funds 60 to 90 days earlier, enabling the manufacturer to meet payroll, material purchases and general operating expenses in a timely manner.
“Small businesses will always face external challenges, but our goal and mission is to mitigate those issues wherever possible,” Brian Resutek, senior vice president of Republic Business Credit, said. “We’re pleased to help companies like this one to focus on opportunities, not threats.”
Additionally, the financing came at a critical moment, as the company was preparing for a rapid increase in sales due to its seasonal cycle.
“Working with Republic means you get a partner who will be there with you through the growth cycles,” Stewart Chesters, CEO of Republic, said. “I am transplant from the UK myself, and I have stressed the importance of this partnership with my team. We are excited to support the company’s success for decades to come.”
