Subjects: CON, FNC
Republic Business Credit Provides $3,000,000 Factoring Facility to Aerial Support Engineering Company
Republic partners with woman-owned business that provides helicopter and engineering services to utility providers.
NEW ORLEANS, Aug. 29, 2023 /PRNewswire/ -- Republic Business Credit recently partnered with an Alabama-based business specializing in aerial maintenance and oversight for utility and energy companies. The company sought to obtain more working capital than its previous bank could accommodate, which Republic was able to provide.
The company is an accredited woman-owned business with a long-standing history in the electrical power industry. It provides a specialized menu of services, including helicopter aerial support, helicopter audits, helicopter oversight and engineering support. For example, the company provides helicopters to assist with heavy-lift operations associated with the construction of transmission towers and lines.
It houses several other subsidiary businesses supporting additional services within the powerline industry, including line construction, maintenance and inspection, as well as 24/7 storm response.
Republic was introduced to the opportunity through its parent company, Renasant Bank, when the aerial company was seeking out a new lending solution.
"Republic was able to quickly address the client's working capital needs," said Bill Keller, Senior Vice President, Manager of Commercial Lending for Shelby County, Alabama at Renasant Bank. "We were able to issue a commitment within a week of our initial conversation with the client, which was key to their successful refinancing."
The company was provided with a $3,000,000 factoring solution to refinance its incumbent bank and provide additional growth capital. "We were able to act fast and provide our client with a factoring solution to meet their goals in a timeframe that outpaces traditional lenders," said Republic President, Robert Meyers. "Our team was proud to help our client and provide them with solutions their previous bank could not."
Republic provided extended eligibility up to 120 days for the large utility company, while most competitors limit eligibility to 90 days. Republic provided a 90% advanced rate on the receivables.
"This is a perfect example of Republic providing a necessary working capital facility to a woman-owned small business that needed more capital than a bank was able to provide," said Republic CEO, Stewart Chesters. "Our parent company, Renasant, was able to support the entire treasury needs of the business."
About Republic Business Credit
Republic Business Credit is a nationally recognized commercial finance company supporting the working capital requirements of companies nationwide, including private equity and entrepreneurial businesses. Republic provides asset-based lending, ledgered lines of credit, traditional factoring, factoring and Fast AR Funding. Republic partners with its clients to provide up to $15 million in senior credit facilities to rapidly growing businesses, start-ups and companies experiencing recoverable distress. Republic is recognized by the Secured Finance Network as one of the largest finance companies in the United States of America. Republic is proud to be headquartered in New Orleans with additional offices in Chicago, Los Angeles and Houston. Republic is a wholly owned subsidiary of Renasant Bank.
Media Contact
Emma Amorose, Respublica Group, 412.807.9236, [email protected], republicbc.com
SOURCE Respublica Group
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