Republic Business Credit announced it gave a $2.5 million working capital facility to an increasing Southeastern energy sector engineering and technical services business. The business was looking at several opportunities to expand its services and was being limited by existing banking facilities. Republic gave a Receivables Line of Credit facility with advance rates and a structure that makes sure the business has funds for growth and can pursue and fulfill new contracts.
Allen E. Frederic, Jr., Republic Business Credit s chief executive officer said, Currently there are many energy service companies that have excellent opportunities for growth but lack the working capital support to take full advantage of opportunities available. At Republic we provide facilities that are tied to the value of the receivables and, therefore, not capped or limited. We fund many expanding oil field service companies whose increasing working capital needs are met through our covenant free lines of credit. Our ability to act fast and provide flexible solutions ensures that we remain a working capital funder of choice.