Republic supplies $1.5 million factoring facility to help Los Angeles-based brand
NEW ORLEANS, March 15, 2023 /PRNewswire-PRWeb/ -- As more of the professional workforce returns to the office post-pandemic, the demand for comfortable chic clothing for women is on the rise. Rejoining the office environment means ditching yoga pants and sweatshirts, and replenishing closets with pantsuits, dresses and blazers.
Recognizing this increased consumer interest, Republic Business Credit worked with a distributor of women's apparel to help restock stores that are reopening with more clothing options and supplies. The brand is focused primarily on manufacturing in the United States and sources almost all of its materials domestically. The brand is well-positioned, as it had no debt entering the second quarter of 2021.
Republic provided the company with a $1.5 million traditional factoring facility with credit protection and extended customer payment terms. The funding eliminated the distributor's cash flow gap between paying suppliers and receiving payments from retailers.
"We believe our factoring and asset-based lending products partner well with businesses in this sector as the economy moves back toward a growth track. We're excited to help all brands on the front lines prepare for future growth," Republic's President, Robert Meyers said.
As the pandemic caused unexpected shipment problems, delays and cancellations, Republic's clients needed support to bridge gaps in postponements and uncertainty in supply chains. In apparel, Republic provides importers, distributors and manufacturers with the necessary support and guidance to adapt to staggered re-openings.
Republic provides factoring, asset-based lending and direct to consumer facilities across the U.S. up to $10 million. Republic partners with banks, accountants, sponsors, lawyers and investment banks to collaboratively support entrepreneurs and create value by enabling them to focus on their businesses.
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, startups and companies experiencing recoverable distress. Republic is recognized by the Secured Finance Network as one of the largest finance companies in the United States. 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.
About Renasant Corporation:
Renasant Corporation is the parent of Renasant Bank, a 119-year-old financial services institution. Renasant has assets of approximately $17 billion and operates 198 banking, lending, mortgage, wealth management and insurance offices throughout the Southeast as well as offering factoring and asset-based lending on a nationwide basis.
Media Contact
Emma Amorose, Republic Business Credit, 412.807.9236, [email protected]
SOURCE Republic Business Credit
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