As the economy in Michigan continues to rebound, Hitachi Business Finance is playing a part by financing two growing companies with accounts receivable funding.
The first company, located in mid-Michigan, provides hunting gear and equipment. With a rapid expansion plan in place for 2016, the company was in need of working capital financing to support such growth. With $1 million in A/R financing from Hitachi Business Finance, new inventory can be purchased, additional staff can be hired, and marketing initiatives can be developed.
The other company manufactures automotive parts both in Michigan and overseas. This company is also expecting significant growth next year, and plans to use their $750,000 in A/R financing to move into a larger facility, as well as pay off their existing lenders.
“We have really noticed a significant uptick in interest locally,” said Jeff Wright, senior VP and business development officer. “Businesses are in growth mode and are aggressively planning for the new year. Asset-based financing is a perfect complement for these companies because as they grow, so does their financing. There’s never a worry about taking that next order or hiring that new employee because the working capital is already in place.”