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Renasant Business Credit Funds $7MM Revolver for Importer

August 20, 2014, 07:31 AM
Filed Under: Importer

Renasant Business Credit announced the funding of a $7 million asset-based revolving line of credit for an importer/distributor based in Georgia. 

The borrower had executed a turnaround plan and was ready to graduate to a more relationship oriented lender. The business had been financially challenged the past several years. However, with the assistance of a skilled turnaround professional, the re-engagement of the former CEO and the partial recovery of its key markets, the business had shown substantial improvements in performance the past several months.

“This kind of value-added, relationship lending is the target market for Renasant Business Credit,” said Mike Knuckles, the EVP and Division Manager. He added, “our ability to underwrite, credit approve and close this transaction was aided tremendously by the infrastructure  we have put in place during the past 18 months. This infrastructure includes our credit policies, operating procedures and risk rating methodologies.”

Renasant Business Credit, the Atlanta-based lending division of Renasant Bank, provides asset-based lines of credit from $2 million to $10 million (and more) to lower and mid-market companies throughout the Southeast.

Renasant Corporation, a 110-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $5.8 billion and operates over 120 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia.

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