Hitachi Business Finance, a source of opportunity for entrepreneurs seeking solutions beyond traditional lending, recently provided $28.75 million to six growing U.S. companies seeking working capital solutions:
• $20 million participation facility to a finance company that offers middle market and late stage lending, as well as broadly syndicated loans.
• $3 million asset-based line of credit to a plastic injection mold company. With a new and larger source of working capital, the company will pay off their existing lender and use the remainder to invest in the growing company.
• $2.5 million asset-based line of credit to a returning client that works in the HVAC industry. The financing from Hitachi Business Finance will allow the owners to pay down their bank line and fund daily operations.
• $2 million A/R financing to a commercial printer to pay off the existing lender, improve operations, and hire additional sales staff.
• $1 million asset-based line of credit to a private equity-owned product design and development firm. With a new source of funding, the company now has additional availability and plans significant operational improvements.
• $250,000 A/R financing to a newly-established staffing firm that is expecting significant growth within the next six months. As a young company, the owners were facing challenges securing bank financing and discovered Hitachi Business Finance online.
“Just this summer, we welcomed back a previous client, entered into a syndication lending facility, helped a small entrepreneurial company continue on its path to profitability, and more,” says President and COO Mike Semanco. “Plus, we are servicing a line of credit for another lender and plan on participating in that loan in the upcoming fourth quarter.
“There really is no limit as to how asset-based lending can help companies of all sizes grow. And regardless of the need, asset-based lending will continue to be an instrumental component to businesses that are looking to finance their operations with the use of their own collateral.”