Republic partners with swimwear manufacturer and wholesaler looking to increase sales in 2024
LOS ANGELES, Feb. 12, 2024 /PRNewswire-PRWeb/ -- When a swimwear manufacturer outgrew its lender and sought a larger factoring facility, it partnered with Republic Business Credit. Republic was the ideal partner, providing the company with a larger factoring facility and more customer credit support than its previous factor, ahead of an oversold spring season.
The company was determined to grow into new markets in 2024. Partnering with Republic allowed the company to access a $4 million factoring facility and increase customer approvals. Republic provided a facility to support spring shipments into major retailers.
Tae Chung, Republic's Senior Vice President, California, helped facilitate the deal and already had a long-tenured relationship with the swimwear manufacturer. "Having a strong previous relationship with the partner made this a seamless process for both parties," Chung said. "For many parts of the country, the spring and summer seasons are fast approaching, and the company needed to be ready."
Republic Chief Operating Officer Matthew Begley said the swimwear company will be able to grow and meet demand as the warmer weather approaches, allowing the business "to focus on the nuts and bolts of day-to-day demands without worrying about the financing." Because of its partnership with Republic, the swimwear company shipped more than 10 million orders for the upcoming spring swim season.
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.
SOURCE Republic Business Credit