Five additional companies have received asset-based financing to assist with cash flow and working capital needs in the final quarter of 2015.
Of the deals, Hitachi Business Finance assisted a Midwestern consultant to the retail industry. With the holiday season quickly approaching, the company was looking to increase their working capital to continue their growth. Their previous lender was a community bank that could no longer service their ever-increasing needs, so Hitachi Business Finance was contacted. With a new $2 million revolving line of credit in place, the company is now looking forward to a successful end of the year and beyond.
Hitachi Business Finance was also instrumental in helping a start-up steel manufacturer in Michigan get off the ground and running. As a new company without any financial history, traditional bank financing was not an option. Because the Hitachi team’s strong knowledge of the manufacturing industry and their belief in the management team, the company was able to secure a $500,000 A/R financing facility to meet payroll and provide flexibility as the company continues to grow.
“We continue to see a wide variety of companies taking advantage of asset-based lending,” says Senior Vice President Jeff Wright. “From staffing to manufacturing, companies of all makes and sizes are seeing an increase in business and are in need of additional working capital as we close out 2015. It’s being used as businesses need it – for expansions, hiring new personnel, increasing sales, taking on new orders, and more.”
Additionally, other recent deals include:
• $5 million lender finance facility to a commercial finance company
• $500,000 in A/R financing to a consulting firm that provides services to the U.S. government
• $500,000 in A/R financing to a newly-established staffing company