New Orleans, LA (PRWEB) September 04, 2013
Republic Business Credit announces that an additional $15 million in equity financing has been obtained from its existing group of institutional investors.
“We are excited to have completed this additional financing which confirms the confidence and continued support of our investors,” said Allen E. Frederic, Jr, Republic Business Credit’s chief executive officer. “This will support our continuing drive for growth in our portfolio and future acquisitions embedding our position as a leading commercial finance company. This also supports the expansion of our product range, like the recent addition of asset based lending, ensuring that our clients have the working capital tools they need to grow their business.”
Republic’s strategy is to deploy its asset based facilities, receivables purchase lines of credit and factoring facilities to provide working capital for rapidly growing, turnaround and start-up companies that have annual sales up to $60 million and facility needs of $100,000 to $10 million. Republic Business Credit targets a variety of industries, including energy, oil and gas service companies, apparel, manufacturing, temporary staffing, distribution, transportation, food distribution, safety and security, government contracting, marine, printing, janitorial and others.