Chris Abel, Rob Marker, and Chris Vernon started their careers in the commercial banking industry. Over the years, they heard of clients being taken advantage of by factoring companies and knew they could do better. They had the idea to create a lending platform that would help trucking companies be more profitable and manage their cash flow in a simpler and less stressful way. iThrive was formed in August of 2014. The Utah-based transportation and commercial factoring company began to provide straightforward and honest factoring services to small and medium trucking fleets across the US.
Led by the formidable experience of the owners and management team, the company began to expand rapidly. It wasn’t long before iThrive needed a Lender Finance line of credit to support this growth. After considering many lenders, Hitachi Business Finance rose to the top of the list.
Formerly operating as Hennessey Capital, a small independent asset-based lender, Hitachi Business Finance’s management team was intimately familiar with the struggles and successes of operating a growing finance company.
“In our initial discussions with Mike Semanco (former president of Hennessey Capital and current president of Hitachi Business Finance), it was evident that he was very knowledgeable in our business segment,” says Chris Abel, president of iThrive Funding. “I feel like I can come talk about a problem and Hitachi will try to be part of the solution.”
This understanding, backed by the power of Hitachi, gave Hitachi the insight and ability to look beyond the young age of the company and instead focus on iThrive’s experienced management team and overall business strategy. They were able to structure an asset-based line of credit that allowed the company to continue to expand, without unreasonable requirements or hoops to jump through. “Hitachi has been a partner in our growth and I feel like they are looking out for our best interests” says Chris.
Since iThrive initially funded with Hitachi in 2015, their portfolio has increased ten-fold. They factor for various industries including transportation, manufacturing, staffing, distribution, wholesale, and government. The knowledgeable staff at Hitachi continuously works to understand the needs of iThrive, offering creative advice in order to facilitate growth. As a nontraditional lender, Hitachi is able to provide out-of-the-box solutions while still remaining practical and easy to deal with.
Hitachi Business Finance 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 A/R, inventory, and equipment, and loan syndications. Based in Rochester, Michigan, we provide financing solutions for small to mid-market companies across the United States.