Continental Business Credit, Fast A/R Funding Acquired by Republic Business Credit
As Republic Business Credit continues its California expansion, the financing-and-factoring firm announced its acquisition of factoring and asset-based lender Continental Business Credit as well as Fast A/R Funding. Headquartered in Sherman Oaks, Calif., CBC and Fast A/R Funding represent crucial pieces in Republic’s strategy to build a greater presence in California as it adds products to support entrepreneurial finance, such as traditional non-recourse factoring, asset-based lending and a technology-enabled small-ticket factoring platform to add onto its ledgered line of credit and factoring offerings.
Continuing to serve as CEO of Republic, Stewart Chesters and President Robert Meyers welcomed CBC Chief Executive Officer Matt Begley to fulfill the role of Republic’s chief operating officer.
“It is a rare opportunity to align yourself with another founder that shares your vision such as Matt,” Chesters said of Begley. “Robert and I are thrilled to continue this journey together with the addition of Matt to our executive team.”
Speaking on the acquisition of the 30-year-old CBC, Begley looked forward to forging this new path for Republic, which was founded in 2011 in New Orleans.
“Republic has built a strong foundation and reputation in the commercial-finance industry,” he said. “Together, we represent a formidable force, and I am excited to work with Stewart and Robert.”
In addition to the appointment of Begley, Republic also promoted Jason Carmona to the role of executive vice president, Western regional manager. Vanessa Johnson will now step into the role of executive vice president, asset-based lending, for Republic.
“We are proud to invest in our company’s future. The addition of Jason, Matt, Vanessa and their teams add significant ABL and apparel-factoring expertise to our team,” Meyers said. “With more than 70 years of asset-based lending and non-recourse factoring experience, Matt, Jason and Vanessa are the right leaders as we enhance our client solutions”