Republic Business Credit Funds $3,000,000 Factoring Facility for Southern Solar Company
HOUSTON – Following a period of rapid growth, a Texas-based solar panel installation company sought a long-term funding partnership with Republic Business Credit. The company’s founder said, “We needed a team with expertise in the energy industry combined with the long-term ability to scale with our business. Republic has that industry knowledge and vital flexibility.”
Texas boasts one of the highest rates of solar installation in the United States. This trend is forecasted to continue well into the 2030s. The company provides a mix of residential and commercial solar solutions throughout Texas and expects to expand into additional states in the Gulf Coast region.
Republic SVP, William Kemp shared, “Rapid growth periods are very exciting for any company. “Having the proper financing in place from the beginning gives the company’s leadership the ability to focus on how best to manage this growth to achieve positive, long-term results.”
The $3,000,000 factoring facility provided accounts receivable funding unique to the company’s business model. The terms of the factoring agreement are structured similarly to an asset-based loan, as the company is only being charged on their utilization of the facility. The adjustment will allow company executives to focus on core business operations while achieving their aggressive growth targets in the upcoming quarters.
“This is the perfect example of how we provide rapidly growing companies with working capital freedom,” stated Robert Meyers, President of Republic. “We tailored a private credit solution to support the company’s long-term growth goals and enhance the positive effects on Texas’ economy though the workforce and energy solutions this company provides.”
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, Houston and Atlanta. Republic is a wholly owned subsidiary of Renasant Bank.