Rochester, MI, Jan. 15, 2015 – Hitachi Business Finance, a division of Hitachi Capital America Corp., ended the final quarter of 2014 with the completion of nearly $12 million in new financing solutions, as well as $4 million in line increase requests.
Of the deals, Hitachi Business Finance assisted an Ohio-based machine parts manufacturer with a $1 million line of credit. The company learned that their largest client’s payment terms were changing to net 75 days, and they were in need of a new source of working capital to continue daily operations. Additionally, the company was in need of a new lender because they needed additional availability than what their current lender was willing to offer. With a new flexible line in place, the company can now further its growth strategy and gain additional market share.
“We are seeing the business climate improve across the country,” states President and COO Mike Semanco. “We continue to add new clients in all industries, as well as assist our current client base as they see growth in their own businesses. These companies are using their new capital to expand, hire new personnel, increase sales, take on new orders, and more.”
Other deals include: • $7.5 million Lender Finance facility to an asset-based lender in Maryland • $1 million accounts receivable financing solution to a sorting and quality services company in Michigan • $1.5 million accounts receivable financing solution to a government contractor in Ohio • $600,000 accounts receivable financing solution to a government contractor in Georgia that was originated through Hitachi Government Finance
Line increases for new growth include: • $500,000 increase to an OEM tool supplier in Michigan • $500,000 increase to a Michigan-based staffing company • $1 million increase to an asset-based lender in Massachusetts • $1 million increase to a staffing company in Michigan • $1 million increase to a Michigan-based IT managed services firm
About Hitachi Business Finance Hitachi Business Finance (formerly Hennessey Capital) is a division of Hitachi Capital America Corp. and provides customized, flexible financing solutions for companies looking for creative options to grow and sustain their businesses. Our solutions include factoring, revolving lines of credit secured by accounts receivable, inventory, and equipment, and government contractor financing. Based in Rochester, Michigan with offices in Atlanta and Washington, D.C., we provide financing solutions for small to mid-market companies across the United States. Learn more by visiting www.hitachibusinessfinance.com or calling (248) 658-1100.
About Hitachi Capital America Corp. Hitachi Capital America Corp. is an independent, diversified leasing and financial services company providing financing to Hitachi group companies and the commercial business sector in the United States and Canada. Hitachi Capital America offers a variety of asset-based financing solutions with a business focus on truck, vendor, trade, and medical equipment finance, as well as lease discounting and software financing. Learn more at www.hitachicapitalamerica.com.