Republic Business Credit provided $1.25 million for a scalable, traditional factoring facility to support a novel wristwatch company’s expected growth, fulfill initial orders and provide a cushion for summer demand. Republic fully approved the client’s limits for both standard and extended terms up to 120 days that were necessary for the emerging company to sell into major stores during the initial phase of growth.
“We are excited about showcasing and delivering our growing line of products. We needed a trusted factoring partner who could grow with us,” the accessory company CEO said.
As supply chain challenges show no signs of abating anytime soon, Republic continues to support its clients through postponements, delays and delivery date uncertainties experienced throughout retail supply chains. Supply chains are tough for all companies, but they are especially challenging for those in the initial growth stages of development. The Los Angeles company is a distributor of watches and other accessories, covering the dress, field, pilot, dive and racing-driven consumer products. Within those watch and accessory categories, there are significant brand names that additionally differentiate across the movements in mechanical, automatic and Quartz.
“We have come a long way from the old days of the pocket watch; however, the secondhand and resale watch market is an exciting, growing category of fashion. We needed a partner who understood the industry and was excited about our category,” the company’s founder said.
Republic provided a $1.25 million traditional factoring facility with credit protection and extended customer payment terms. Republic’s funding will eliminate the nascent company’s cashflow gap between paying suppliers and receiving delayed payments from major retailers. The company is confident it found a trusted and consistent partner to overcome supply chain challenges.
“We believe our factoring, asset-based lending and direct to consumer products partner well with growing businesses that need industry expertise and adaptable partners,” Matt Begley, COO of Republic Business Credit, said. “We are excited to support growing brands and are passionate about the watch and accessory categories to supplement our apparel and textile factoring business.”
“Since joining Republic during early 2020, we have expanded our capabilities and added clients at a lightning pace who want great client service, in addition to their working capital needs,” Tae Chung, SVP of business development for Republic Business Credit, said.
