Republic grants $ 3 million asset-based loan to manufacturing company | New
NEW ORLEANS, November 3, 2021 / PRNewswire-PRWeb / – When a promotional product owned by private equity in the Midwest maker resumed its activities following the pandemic, their regional bank wanted to limit their access to working capital. Although they have returned to profitability this year and are a committed private equity sponsor in the Gulf region, they have partnered with Business credit of the Republic to refinance their credit facility.
In addition to their expected growth upon return from the shows, their existing customers returned with larger than normal orders as they feared possible supply chain complications in the future. The company was looking for a growth-oriented business Asset-based loan (ABL) who would unconditionally support their plans for growth and renewal of post-covid activities.
The company is a manufacturer of promotional items that provides services to 1,000 large corporations in the automotive, technology, finance, energy and retail industries in the United States. The company specializes in tailor-made manufacturing, generally a wide variety of products and solutions throughout the year depending on changing needs. In addition, they have recently vertically integrated several supply chain services to complement their product. manufacturing by adding value to their warehousing, fulfillment and distribution support.
The company needed to refinance its existing bank line of credit in order to accelerate its growth and product development plans. The CEO of the company said: “We needed a funding source who could respond decisively, consistently and who valued being a part of our story as we explore multiple options for growth across our business. product line during tough economic times, “and a managing partner of the private equity sponsor. added, “Republic delivered on its promises as this is our first partnership with a holding company, we appreciated that the Republic management team got involved with us to make sure we structured the credit properly. “
Business credit of the Republic provided a $ 3 million loan on assets facility secured by accounts receivable that have refinanced their legacy bank lender and provided much greater base availability at closing. Republic was introduced to the opportunity directly from the private equity fund due to our reputation within the private equity community. ABL facilities. President of the Republic, Robert Meyers, said: “We are focused on providing ABL, direct consumer loans and factoring to private equity firms across the country,” he added, “Our team has been working with the company to structure a growth oriented facility which provided significantly more liquidity to allow the management team to focus on growth. ” CEO of the Republic, Stewart chester Added, “Since our founding, we have always been committed to providing broad and inclusive access to working capital to lower and middle market businesses that seek a better partnership than a traditional loan structure will provide.” “
Business credit of the Republic partners with banks, accountants, sponsors, lawyers and investment banks to collaboratively support entrepreneurs through United States, to create value, allowing them to focus on growing successful businesses. CEO of the Republic, Stewart chester added, “We believe our lending and factoring product line will be in greater demand as businesses emerge from the covid haze and resume growth.”
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Republic Business Credit provides fast and flexible working capital solutions to help businesses, start-ups and fast-growing businesses in turnaround situations or recoverable hardship. Winner of the Emerging Growth Company of the Year award from the ACG Louisiana Chapter and the FactoringClub’s Best Factoring Company award for 2018, the Republic Business Credit team has the expertise to meet the nuanced financial needs of businesses. in a wide variety of industries. He offers asset loans, general ledger lines of credit, non-recourse factoring, factoring and directly to the consumer loans, including e-commerce working capital. Since its inception in 2011, Republic Business Credit has provided more than 10 billion dollars in working capital.
Joanne Chesters, Business credit of the Republic, 5042628624, [email protected]
Business credit SOURCE République