Daily News: December 26, 2013

Hitachi Business Finance Ends 2013 on Strong Note

Hitachi Business Finance, a division of Hitachi Capital America, announced that they will close 2013 providing more capital to more clients than it has in previous years.

“While the lending industry continues to find its footing, 2013 was a great year for Hitachi Business Finance,” said Mike Semanco, president and COO of the division. “Our continued growth is attributable to our team’s solutions-based expertise in helping growing companies finance new sales growth, increase profitability and provide consistent cash-flow. Even with uncertain economic conditions and a highly-competitive lending environment, Hitachi Business Finance is on track to make 2014 even better.”

Within the latter part of 2013, Hitachi Business Finance financed:

  • an $8 million ABL facility to a wireless tower services firm in North Carolina,
  • a $4 million ABL transaction to an LED lighting supplier in Texas,
  • a $2.5 million ABL facility for a Michigan-based plastic injection molding firm,
  • a $1.5 million ABL facility to a manufacturer of specialized ductwork coatings in Michigan,
  • a $1 million factoring facility to an optical inspection equipment manufacturer in Michigan,
  • a $500,000 factoring facility to a Michigan staffing services agency and
  • a $300,000 factoring facility to a candy importer based in Michigan.