Republic refinances incumbent bank and provides seasonal accordion for anticipated growth
NEW ORLEANS, Aug. 27, 2024 /PRNewswire-PRWeb/ -- When a third-generation, family-run food manufacturing company sought to refinance their incumbent regional bank, they chose the local, gulf coast experts at Republic Business Credit to refinance their line of credit. Republic was introduced by food and beverage industry leaders that believed Republic's experience in the food manufacturing industry would enhance the long-term success of the partnership.
The company focuses on large-scale food manufacturing and milling for several Fortune 100 food manufacturing companies while supporting the healthily eating goals of local governments, cities and parishes.
The company's management team focus on relationships, local connectivity and matching values with its generational history. They found a perfect match with Republic's CEO, Stewart Chesters and SVP Business Development Officer for the New Orleans region, Leigh Guglielmo. The company's chairman added, "Throughout our history, the alignment of our values with those of our partners has helped define our relationships and provided the foundation for success across our lending relationships." She further added, "Republic is uniquely headquartered in Louisiana while being a national commercial finance company, which shows us they are committed to our community and building relationships from the ground up."
"Republic prides itself on the personal and professional connections we make with our customers," said Guglielmo. "From day one, we focused on understanding their business, partnering for future success and adhering to clear standards for mutual success."
Republic provided the food manufacturing company with a $15,000,000 asset-based loan secured by their accounts receivables and inventory, which included a seasonal inventory accordion that would bring the combined loan up to $20,000,000. During the seasonal growth periods, Republic provided over $5,000,000 more in excess availability than their incumbent bank lender was able to provide.
"We have a lot of depth of experience and connection across the food and beverage manufacturing industry that, combined with our national platform, allows us to partner with great companies like this one," stated Chesters. "It is always satisfying to be able to help an established company overcome a temporary setback and recover their previous, successful stature through our suite of ABL and factoring solutions."
Republic partners with bankers, private equity firms, accountants, consultants, investment bankers and industry experts to support growing companies across the country.
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, 4128079236, [email protected]
SOURCE Republic Business Credit
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