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Renasant Business Credit Funds $4.5MM to Utilities Service Company

July 10, 2014, 07:31 AM
Filed Under: Specialty Industries

Renasant Business Credit announced the funding of a $4.5 million asset-based revolving line of credit for a company based in Georgia serving the needs of utility companies throughout the South and Mid-Atlantic regions.  The borrower was able to significantly increase its loan availability, lower its all-in cost of working capital and reduce collateral reporting requirements as part of the new lending relationship. 

“This kind of value-added, relationship lending is the target market for Renasant Business Credit,” said Mike Knuckles, the executive vice president and division manager. He added, “In this particular case, we were able to offer increased availability on a portion of the accounts receivable due to the unique nature of the business model and the company’s strong customer base.  The borrower will also enjoy a much more cohesive and streamlined treasury management process as a result of their new banking relationship with Renasant.”

This relationship was originated, underwritten and will be managed by SVP Bill Drmacich.

Renasant Business Credit, the Atlanta-based lending division of Renasant Bank, provides asset-based lines of credit starting from $2 million (and up) to lower-and middle-market companies throughout the Southeast.

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