"The engine of the Southwest region are small to midsize businesses, we can help these growing businesses bridge their funding gap and take advantage of the opportunities they have." David Montenegro, SVP Regional Sales Manager Southwest
Houston, TX (PRWEB) February 23, 2011
Republic Business Credit, LLC, a newly launched working capital finance firm led by nationally recognized entrepreneurs and serving business clients nationwide, today announced the opening of its Houston regional office and the hiring of David Montenegro, a Houston native and career factoring and commercial finance professional, to lead its Southwest operation.
Republic Business Credit was formed earlier this year by Allen E. Frederic, Jr., CEO, formerly CEO of Gulf Coast Business Credit, and Stewart Chesters, COO, formally CEO of Bibby Financial Services North America. Republic provides companies here and across the country with the liquidity they need to capitalize on growth opportunities presented by a recovering economy and thereby build their businesses and take advantage of market opportunities.
Montenegro, a senior vice president with more than two decades of experience in factoring and commercial finance, joins Republic Business Credit from Riviera Finance in Houston, where he served for 11 years, most recently as business development manager. In addition, he has worked in Houston as a vice president at both Bank of America and Banc One Corporation. Montenegro received a bachelor’s degree in finance and marketing from the University of Houston and is a member of both the Commercial Finance and International Factoring Associations.
“Our goal is to build a working capital finance operation serving clients nationwide that is recognized as one of the most client-focused businesses of its kind in the country,” said Allen E. Frederic, Jr., chief executive officer. “David is one of the most knowledgeable and experienced commercial finance leaders in Texas. He is already meeting with businesses locally, across the state and region to demonstrate how greater access to liquidity can fuel their growth.”
Montenegro said that his strategy is to provide working capital solutions to the start up, rapidly growing, and turnaround companies that have annual sales up $60 million and facility needs of $50,000 to $5 million by utilizing factoring and accounts receivable financing.
“The companies that can benefit from our services are those that sell their goods and services to credit-worthy entities,” Montenegro said. “Our clients have to pay their employees on time, meet immediate operating expenses and invest in their business stability and growth. However, they may not get paid by their clients for 30 to 45 days; sometimes longer. This situation often creates a cash-flow strain on the company. We can ease this constraint by offering advances against their accounts receivable. Bridging the time gaps so our clients can meet their obligations and continue to grow. Worry free.”
Montenegro will focus on a variety of industries with strong operations and potential in his Southwest market, including energy, government contracting, manufacturing, marine, temporary staffing, transportation, wholesaling and distribution. Republic also will serve clients doing business in other areas that sell to other businesses on credit terms.
“We pledge professionalism, responsiveness, access to senior decision-makers, quality customer service and flexibility,” he said. “Our approach is to deliver the kind of value that our clients expect and deserve.”
Republic Business Credit, with headquarters in New Orleans and an additional regional sales office in Chicago, earlier this year closed on equity financing from two large institutional investors for a total of $30 million in capital that has allowed it to begin serving clients immediately. In addition, the company expects to close on the first tranche of senior debt in mid February, a facility starting at $30 million that will provide Republic with additional liquidity to extend its outreach to new markets and clients. The company already has closed several transactions. Additional information is available at http://www.republicbc.com