Republic Business Credit supported a second generation family manufacturing business to refinance away from a restrictive non-bank asset based lender that was unwilling to support the turnaround management efforts of the recently appointed CFO.  

The CFO reached out to Republic, as he previously had success with Republic’s ownership team with a relationship financing a third tier automotive supplier with a successful exit a few years back. 

The manufacturing company was founded more than 50 years ago and provided irreplaceable jobs throughout the community.  The company turned the corner while strategically positioning itself for growth in 2019. The company needed a funding partner that understood its immediate cash flow needs as well as the capability to offer equipment term loans and a seasonal overadvance component as new customers were onboarded.

Republic provided a $3.0 million Ledgered Line of Credit to support their immediate refinancing while also reducing their financing costs going forward. The business possesses the confidence that Republic will support their long term business needs without unnecessary covenants.  

“Manufacturing and family owned businesses represent the backbone of America,” said Robert Meyers, President of Republic. “As a commercial finance company, we are excited to assist companies that represent the past and future of the Midwestern business community.  We have strong relationships with banks, advisors and accountants, and they trust us to provide the correct growth capital facility.”