Republic Business Credit provided a $3 million ledgered line of credit to a second generation family manufacturing business.
The funding will be used to refinance away from a restrictive non-bank asset-based lender that was unwilling to support the turnaround management efforts of the recently appointed CFO. The CFO reached out to Republic, as he previously had success with Republic’s ownership team with a relationship financing a third tier automotive supplier with a successful exit a few years back.
The manufacturing company was founded more than 50 years ago and provided irreplaceable jobs throughout the community. The company turned the corner while strategically positioning itself for growth in 2019 and needed a funding partner that understood its immediate cash flow needs as well as the capability to offer equipment term loans and a seasonal over-advance component as new customers were on-boarded.
Republic’s funding will support the company’s immediate refinancing while also reducing its financing costs going forward.
“Manufacturing and family owned businesses represent the backbone of America,” said Robert Meyers, Republic President. “As a commercial finance company, we are excited to assist companies that represent the past and future of the Midwestern business community. We have strong relationships with banks, advisors and accountants, and they trust us to provide the correct growth capital facility.”
