Subjects: FNC, LIC
Wristwatch, Accessory Company Turns to Republic Business Credit for Spring Growth
Republic has extended a $5 million factoring facility to provide liquidity, credit protection and funding on extended customer payment terms for the watch company.
LOS ANGELES, March 27, 2024 /PRNewswire-PRWeb/ -- Republic Business Credit proudly announces its collaboration with a designer wristwatch and accessory distributor to provide vital financial support for the upcoming spring and summer sales surge. Recognizing the distributor's growth potential, Republic has approved a $5 million factoring facility, ensuring seamless fulfillment of initial orders while safeguarding against heightened summer demand.
As part of this strategic facility, Republic will assume the credit risk of the watch company's approved customers. This arrangement empowers the watch company to concentrate on revenue growth without worrying about the creditworthiness of its customers. Republic remains steadfast in its commitment to supporting clients amidst ongoing supply chain challenges and uncertain demand, navigating postponements, delays and delivery date uncertainties prevalent in retail supply chains.
The company distributes watches and accessories across various consumer product categories such as dress, field, pilot, dive and racing-driven segments. The founder sought a partner with knowledge about the secondhand and resale watch industry, stating, "Finding a partner who shares our vision for the industry's future was crucial. This partnership will help us navigate supply chain challenges with confidence."
Republic has extended a $5 million factoring facility to provide liquidity, credit protection and funding on extended customer payment terms for the watch company. This strategic funding injection bridges the cash flow gap between paying suppliers and receiving payments from major retailers, ensuring operational consistency and sustained growth.
Republic Business Credit COO Matt Begley remarked, "As a watch collector myself, I am thrilled to offer financing options within the watch industry. Our commitment is to deliver prompt and professional service, ensuring a seamless experience for our clients."
Tae Chung, Senior Vice President at Republic, expressed pride in the company's ability to offer distributors essential support during challenging periods. "Since joining Republic in early 2020, we have enhanced our capabilities and welcomed new clients across our portfolio. This growth has been made possible through strategic partnerships with industry professionals who value exceptional client service alongside their working capital requirements."
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, e-commerce, ledgered lines of credit, 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, Republic Business Credit, 412.807.9236, [email protected], republicbc.com
SOURCE Republic Business Credit
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